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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Summary of Combined Stock Option Activity under 2021 Plan | The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the three months ended March 31, 2022:
|  | Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2021 |  |  | 4,232,991 |  |  | $ | 7.43 |  |  |  | 8.66 |  |  | $ | 40,437 |
Granted |  |  | 98,897 |  |  |  | 18.56 |  |  |  |  |  |  |
Exercised |  |  | (5,593 | ) |  |  | 2.97 |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | (43,433 | ) |  |  | 12.18 |  |  |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 4,282,862 |  |  | $ | 7.64 |  |  |  | 8.52 |  |  | $ | 61,492 |
Exercisable at March 31, 2022 |  |  | 1,341,363 |  |  | $ | 4.10 |  |  |  | 6.82 |  |  | $ | 24,015 |
Schedule of Fair Value of Stock Options, Valuation Assumptions | The fair value of the stock options issued for the three months ended March 31, 2022 and 2021 was measured with the following weighted-average assumptions:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Risk-free interest rate, % |  |  | 1.56 | % |  |  | 1.02 | %
Expected term |  |  | 6.01 |  |  |  | 6.08 |
Expected volatility of the underlying stock, % |  |  | 73.02 | % |  |  | 73.16 | %
Expected dividend rate, % |  |  | — | % |  |  | — | %
Schedule of Nonvested Restricted Stock Units Activity | Restricted Stock Units The Company has granted restricted stock units with service vesting based conditions. Unvested shares of restricted common stock may not be sold or transferred by the holder. They are legally issued and outstanding. These restrictions lapse accordingly to the time-based vesting of each award. A summary of the restricted stock units activity during the three months ended March 31, 2022 is as follows:
|  | Restricted Stock Units |  |  | Weighted- Average Grant Date Fair Value |
Unvested at December 31, 2021 |  |  | 231,920 |  |  | $ | 14.00 |
Granted |  |  | — |  |  |  |
Forfeited |  |  | (4,066 | ) |  |  | 14.00 |
Unvested at March 31, 2022 |  |  | 227,854 |  |  | $ | 14.00 |
Summary of Stock-Based Compensation Expense | The Company recorded stock-based compensation expense as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Research and development |  | $ | 555 |  |  | $ | 44 |
General and administrative |  |  | 1,039 |  |  |  | 141 |
Total |  | $ | 1,594 |  |  | $ | 185 |

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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 of the changes in outstanding nonvested restricted stock units. + 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)(2) -URI http://asc.fasb.org/extlink&oid=120381028&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 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 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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