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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Total Compensation Expense | The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Research and development |  | $ | 2,427 |  |  | $ | 790 |
General and administrative |  |  | 2,750 |  |  |  | 1,007 |
Total share-based compensation expense |  | $ | 5,177 |  |  | $ | 1,797 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plan for the year ended December 31, 2021:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31, 2020 |  |  | 2,650,396 |  |  | $ | 3.45 |  |  |  | 8.01 |  |  | $ | 5,463 |
Granted |  |  | 3,435,687 |  |  |  | 9.73 |  |  |  |  |  |  |
Exercised |  |  | (215,188 | ) |  |  | 2.70 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (48,522 | ) |  |  | 5.21 |  |  |  |  |  |  |
Outstanding as of December 31, 2021 |  |  | 5,822,373 |  |  | $ | 7.17 |  |  |  | 8.27 |  |  | $ | 33,275 |
Vested or expected to vest as of December 31, 2021 |  |  | 5,822,373 |  |  | $ | 7.17 |  |  |  | 8.27 |  |  | $ | 33,275 |
Options exercisable as of December 31, 2021 |  |  | 1,841,894 |  |  | $ | 3.35 |  |  |  | 6.71 |  |  | $ | 16,928 |
Summary of Estimated Date of Grant Using the Black-Scholes Option Pricing Model and The Weighted Average Assumptions | The fair value of each option award granted during the years ended December 31, 2021 and 2020 is estimated on the date of grant using the Black-Scholes option pricing model and the weighted average assumptions noted in the following table:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Risk-free interest rate |  | 0.68% to 1.33% |  |  | 0.27% to 0.47% |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected option term (in years) |  | 6.00 to 6.08 |  |  | 5.00 to 6.08 |
Expected stock price volatility range |  | 68.58% to 73.30% |  |  | 73.15% to 74.89% |

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