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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 Carlos 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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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.

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