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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation

The Company recorded stock-based compensation for the periods presented as follows (in thousands):

		Year Ended December 31,
		2021				2020
Research and development		$	2,966			$	1,250
General and administrative			5,712				2,557
Total stock-based compensation		$	8,678			$	3,807

Summary of Estimated Fair Value of Stock Options Granted Using Black-Scholes Option-Pricing Model

The fair value of stock options granted for the periods presented was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

		Year Ended December 31,
		2021				2020
Expected term (years)		5.5-6.1				4.0-6.1
Expected volatility		86.9-91.9%				86.4-97.6%
Risk-free interest rate		0.7-1.3%				0.2-1.5%
Expected dividend			—				—

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2021:

										Weighted
						Weighted				Average
						Average				Remaining				Aggregate
		Number of				Exercise				Contractual				Intrinsic
		Options				Price				Term				Value
										(In years)				(In thousands)
Balance outstanding as of December 31, 2020			1,898,395			$	12.79				8.6			$	25,918
Granted			830,013				22.22
Exercised			(188,286	)			2.59
Cancelled and forfeited			(133,454	)			19.55
Balance outstanding as of December 31, 2021			2,406,668			$	16.46				8.1			$	9,970
Exercisable as of December 31, 2021			922,104			$	10.76				7.3			$	6,800

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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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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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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