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Stock Option and Grant Plan (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Estimate Fair Value of Stock Option Awards on Grant Date | The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Grant price |  | $ | 20.29 |  |  | $ | 7.69 |
Risk-free interest rate |  |  | 1.97 | % |  |  | 1.01 | %
Expected term (in years) |  |  | 6.07 |  |  |  | 5.73 |
Expected volatility |  |  | 88.75 | % |  |  | 81.61 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Summary of Stock Option Activity | the year ended December 31, 2022, is as follows:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2021 |  |  | 5,339,011 |  |  | $ | 5.54 |  |  |  | 8.7 |  |  | $ | 15,627 |
Granted |  |  | 4,237,720 |  |  | $ | 20.29 |  |  |  |  |  |  |
Exercised |  |  | (950,013 | ) |  | $ | 2.33 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (145,768 | ) |  | $ | 10.98 |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 8,480,950 |  |  | $ | 13.19 |  |  |  | 8.2 |  |  | $ | 201,765 |
Exercisable at December 31, 2022 |  |  | 2,055,416 |  |  | $ | 6.03 |  |  |  | 7.0 |  |  | $ | 63,408 |
Unvested at December 31, 2022 |  |  | 6,425,534 |  |  | $ | 15.47 |  |  |  | 8.6 |  |  | $ | 138,357 |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for the year ended December 31, 2022, is as follows:
|  | Number of shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested as of December 31, 2021 |  |  | — |  |  | $ | — |
Granted |  |  | 752,613 |  |  | $ | 19.98 |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (12,316 | ) |  | $ | 17.82 |
Nonvested as of December 31, 2022 |  |  | 740,297 |  |  | $ | 20.02 |
Summary of Stock-Based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Research and development expenses |  | $ | 5,639 |  |  | $ | 888 |
Selling, general and administrative expenses |  |  | 16,075 |  |  |  | 2,248 |
Total stock-based compensation |  | $ | 21,714 |  |  | $ | 3,136 |
Summary of Stock-Based Compensation by Type of Award | The following table summarizes stock-based compensation by type of award:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Stock options |  | $ | 18,844 |  |  | $ | 3,136 |
Restricted stock units |  |  | 2,870 |  |  |  | — |
Total stock-based compensation expense |  | $ | 21,714 |  |  | $ | 3,136 |
Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period | The following table summarizes unrecognized stock-based compensation expense as of December 31, 2022, by type of awards, and the weighted-average period over which that expense is expected to be recognized. The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.
|  | As of December 31, 2022 |
|  | Unrecognized Expense |  |  | Weighted-average Recognition Period |
|  | (in thousands) |  |  | (in years) |
Stock options |  | $ | 61,049 |  |  |  | 2.79 |
Restricted stock units |  | $ | 11,950 |  |  |  | 3.25 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + 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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + 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 (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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