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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Options Activity

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

						Options Outstanding
		Number of Shares Available for Grant				Number of Shares Underlying Outstanding Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Balances at December 31, 2020			2,606,546				3,194,113			$	11.05				8.46			$	97,105
Options authorized			1,334,099				—
Options granted			(1,566,150	)			1,566,150				34.83
Options exercised			—				(563,387	)			6.26
Options expired			4,324				(4,324	)			36.33
Options forfeited			311,278				(311,278	)			29.17
Balances at December 31, 2021			2,690,097				3,881,274			$	19.86			$	7.97			$	24,666
Shares exercisable, December 31,    2021							1,592,139			$	12.75			$	7.07			$	17,280
Shares vested and expected to    vest, December 31, 2021							3,881,274			$	19.86			$	7.97			$	24,666

Summary of Stock Compensation Expense for Employees and Nonemployees by Function

The following table is a summary of stock compensation expense for employees and nonemployees by function (in thousands):

		Year Ended December 31,
		2021				2020
Research and development		$	6,847			$	2,670
General and administrative			6,952				2,314
Total stock-based compensation expense		$	13,799			$	4,984

Schedule of Assumptions Used in Black-Scholes Valuation Model to Estimate Fair Value of Stock Options

The Company estimates the fair value of employee and nonemployee stock options using the Black-Scholes option pricing model. The fair value of employee and nonemployee options is recognized on a straight-line basis over the requisite service period of the awards. The fair value of the Company's stock options was estimated using the following assumptions for the years ended December 31, 2021 and 2020.
 

		Year Ended December 31, 2021					Year Ended December 31, 2020
		Employee			Nonemployee		Employee			Nonemployee
Expected term		5.8 – 6.3 years			6.3 years		5.5 – 6.3 years			6.0 years
Expected volatility		80.0% – 84.3%			83.5%		82.1% – 83.8%			82.1% – 83.1%
Risk-free interest rate		0.6% – 1.3%			0.6%		0.4% – 0.7%			0.4% – 0.7%
Expected dividend yield		0%			0%		0%			0%

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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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