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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activities

		Options Outstanding				Weighted Average Exercise Price				Weighted Average Remaining Contract Terms (in years)				Aggregate Intrinsic Values (in thousands)
Balance as of December 31, 2020			435,342			$	0.52				9.19			$	415
Options granted			2,386,990				3.11
Options cancelled and forfeited			(25,551	)			1.86
Options exercised			(59,466	)			1.86								150
Balance as of September 30, 2021			2,737,315			$	2.74				9.33			$	41,727
Vested and expected to vest, September 30, 2021			2,737,315			$	2.74				9.33			$	41,727
Options exercisable as of September 30, 2021			206,339			$	0.31				8.39			$	3,646

Summary of Assumptions Used in Black-Scholes Model

The fair value of the Company’s stock option awards was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions for the nine months ended September 30, 2021:

Expected term (in years)		5.80 - 6.08
Expected volatility		78.25% - 79.57%
Risk-free interest rate		0.94% - 1.13%
Expected dividend yield		0.00%

Summary of Restricted Stock Awards

The activity for restricted stock awards is as follows:

		Number of Shares				Weighted-Average Grant Date Fair Value
Unvested at December 31, 2020			66,681			$	1.00
Granted			297,724				8.55
Vested			(15,766	)			1.42
Unvested at September 30, 2021(1)			348,639				7.03

(1) Includes 21,750 restricted stock awards granted in 2018 and still outstanding for the period ended September 30, 2021, subject to only performance conditions.

Summary of Share-based Compensation Expense

The following table sets forth stock-based compensation for stock options, restricted stock awards, and performance awards included in the Company’s consolidated statements of operations and comprehensive loss (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Research and development expense		$	297			$	45			$	626			$	220
General and administrative expense			939				4				1,957				14
Total stock-based compensation expense		$	1,236			$	49			$	2,583			$	234

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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