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Stock-Based Compensation (Tables)

3 Months Ended

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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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 of the changes in outstanding nonvested restricted stock units.

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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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