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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Share-based Compensation Expense | Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Research and development expense |  | $ | 8,331 |  |  | $ | 1,180 |
General and administrative expense |  |  | 10,856 |  |  |  | 1,460 |
Total stock-based compensation expense |  | $ | 19,187 |  |  | $ | 2,640 |
Summary of Activity Related to Stock Option Grants | A summary of the Company’s stock option activity for the year ended December 31, 2021 is as follows (in thousands, except share and per share data and years):
|  | Stock Options Outstanding |
|  | Shares Subject to Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Balance at December 31, 2020 |  |  | 6,316,569 |  |  | $ | 10.93 |  |  |  |  |  |  |
Granted |  |  | 511,773 |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (261,567 | ) |  |  |  |  |  |  |  |  |
Cancelled |  |  | (195,902 | ) |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  |  | 6,370,873 |  |  |  | 12.82 |  |  |  | 8.58 |  |  |  | 11,385,117 |
Vested at December 31, 2021 |  |  | 1,974,776 |  |  | $ | 9.60 |  |  |  | 8.14 |  |  | $ | 4,887,808 |
Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model | The grant date fair value of stock options was estimated using a Black-Scholes option pricing model with the following weighted-average assumptions:
|  | Years Ended December 31, |
|  | 2021 |  | 2020 |
Expected term (in years) |  |  | 6.0 |  |  | 6.0 |
Expected volatility |  |  | 79 | % |  | 80 | %
Risk-free interest rate |  |  | 0.98 | % |  | 0.51 | %
Expected dividend yield |  |  | — |  |  | — |
Summary of Weighted Average Inputs used under for the ESPP | The weighted average inputs used for the ESPP for the year ended December 31, 2021, were as follows:
|  | Years Ended December 31, |
|  | 2021 |  | 2020 |
Expected term (in years) |  |  | 1.2 |  |  | 1.2 |
Expected volatility |  |  | 81 | % |  | 82 | %
Risk-free interest rate |  |  | 0.14 | % |  | 0.11 | %
Expected dividend yield |  |  | — |  |  | — |

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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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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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