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Share-Based Compensation (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2022 | Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |  |
Schedule of Share-based Compensation Expense | Share-based compensation expense by type of award was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Stock options |  | $ | 3,030 |  |  | $ | 757 |
Restricted stock units |  |  | 696 |  |  |  | — |
Restricted stock units—executive officer |  |  | 755 |  |  |  | — |
Total share-based compensation expense |  | $ | 4,481 |  |  | $ | 757 |
| Share-based compensation expense was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Research and development |  | $ | 1,930 |  |  | $ | 500 |
General and administrative |  |  | 4,824 |  |  |  | 551 |
Total |  | $ | 6,754 |  |  | $ | 1,051 |
Summary of Stock Option Activity | A summary of stock option activity for awards under the 2017 Plan and the 2022 Plan is presented below:
|  | Options Outstanding and Exercisable |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (1) (in thousands) |
Outstanding as of January 1, 2022 |  |  | 5,598,830 |  |  | $ | 5.36 |  |  |  | 8.9 |  |  | $ | 7,349 |
Granted |  |  | 2,829,435 |  |  |  | 14.87 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (3,504 | ) |  |  | 11.38 |  |  |  |  |  |  |  |  |
Exercised |  |  | (311,172 | ) |  |  | 1.35 |  |  |  |  |  |  |  |  |
Outstanding as of March 31, 2022 |  |  | 8,113,589 |  |  | $ | 8.83 |  |  |  | 9.1 |  |  | $ | 44,630 |
Exercisable as of March 31, 2022 |  |  | 1,767,303 |  |  | $ | 4.83 |  |  |  | 8.1 |  |  | $ | 16,304 |
(1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of March 31, 2022.
| A summary of stock option activity for awards under the 2017 Plan is presented below:
|  | Options Outstanding and Exercisable |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (1) (in thousands) |
Outstanding as of January 1, 2021 |  |  | 1,952,145 |  |  | $ | 2.66 |  |  |  | 8.6 |  |  | $ | 8,143 |
Granted |  |  | 4,145,794 |  |  |  | 6.31 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (288,557 | ) |  |  | 3.40 |  |  |  |  |  |  |  |  |
Exercised |  |  | (210,552 | ) |  |  | 2.10 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2021 |  |  | 5,598,830 |  |  | $ | 5.36 |  |  |  | 8.9 |  |  | $ | 7,349 |
Exercisable as of December 31, 2021 |  |  | 1,696,109 |  |  | $ | 3.72 |  |  |  | 8.0 |  |  | $ | 5,011 |
(1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of December 31, 2021.
Summary of Restricted Stock Units Activity | A summary of RSU activity for awards under the 2022 Plan is presented below:
|  | Number of Shares |  |  | Weighted Average Grate Date Fair Value |
Outstanding as of January 1, 2022 |  |  | — |  |  | $ | — |
Granted |  |  | 703,329 |  |  |  | 15.00 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | (666 | ) |  |  | 15.00 |
Outstanding as of March 31, 2022 |  |  | 702,663 |  |  | $ | 15.00 |
Schedule of Black-Scholes option pricing model for stock options granted |  | The assumptions used in the Black-Scholes option pricing model for stock options granted were as follows:
|  | 2021 |  |  | 2020 |
Expected term |  |  | 6.3—7 years |  |  |  | 7 years |
Expected volatility |  |  | 90%—110% |  |  |  | 95%—100% |
Risk free interest rate |  |  | 0.83%—1.52% |  |  |  | 0.42%—1.42% |
Expected dividend yield |  |  | —% |  |  |  | —% |
Schedule of the Monte Carlos simulation models to determine the grant date fair value of the RSU Award |  | The assumptions used in the Monte Carlo s simulation models to determine the grant date fair value of the RSU Award for each of the three performance condition scenarios were as follows:
|  | Change in Control |  |  | IPO |  |  | Change in Control Following an IPO |
Date of grant |  |  | June 9, 2021 |  |  |  | December 7, 2021 |  |  |  | December 7, 2021 |
Time to liquidity event (years) |  |  | 1.56—3.06 |  |  |  | 10.00 |  |  |  | 1.33 |
Equity volatility |  |  | 100%—110% |  |  |  | 70% |  |  |  | 65% |
Risk-free interest rate |  |  | 0.11%—0.31% |  |  |  | 1.47% |  |  |  | 0.44% |
Discount for lack of marketability |  |  | 26%—32% |  |  |  | 5% |  |  |  | 5% |
Fair value of the RSU award (in thousands) |  | $ | 1,580 |  |  | $ | 10,300 |  |  | $ | 150 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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