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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity for Awards

A summary of stock option activity for awards is presented below:

		Number of shares				Weighted average exercise price				Weighted average remaining contractual life (years)				Aggregate intrinsic value(1)
Outstanding as of December 31, 2020			4,454,422			$	8.80				8.0			$	236,685
Granted			1,311,897				53.93
Exercised			(287,566	)			2.70
Forfeited			(41,973	)			40.12
Expired			(1,476	)			28.73
Outstanding as of December 31, 2021			5,435,304			$	19.77				8.0			$	64,981
Exercisable as of December 31, 2021			3,103,635			$	9.74				6.9			$	52,003

Summary of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss is as follows:

		Year ended December 31,
		2021				2020
Research and development		$	6,215			$	1,875
General and administrative			10,235				3,893
		$	16,450			$	5,768

Summary of Fair Values of Options Granted to Employees and Directors

The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award. The fair values of the options granted to employees and directors were calculated using the following assumptions for the years ended December 31, 2021 and 2020:

		Year ended December 31,
		2021		2020
Risk-free interest rate		0.78-1.51%		0.38-1.48%
Expected dividend yield		0%			0	%
Expected life		5.5-6.25 years		5.5-6.25 years
Expected volatility		70-73%		70%

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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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