Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table summarizes the stock option activity during the twelve months ended December 31, 2021 and December 31, 2020:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2021		390,949		$	2.11		7.26	$	505
Granted		1,248,520			26.05
Assumed through Merger		248,258			29.20
Exercised		(72,316	)		11.52
Expired/cancelled		(65,535	)		53.99
Outstanding as of December 31, 2021		1,749,876		$	20.71		8.48	$	10,007
Vested and exercisable as of December 31, 2021		444,700		$	8.63	$	5.05	$	7,585
Vested and expected to vest as of December 31, 2021		1,749,876		$	20.71		8.48	$	10,007

Summary of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity

The Company recognized the following compensation cost related to employee and non-employee stock-based compensation activity for the periods presented (amounts in thousands):

	Year Ended December 31,
	2021		2020
Research and development	$	657	$	94
General and administrative		1,449		45
Total	$	2,106	$	139

Stock Options Valuation Assumptions

The calculation was based on the following assumptions:

	Year Ended December 31,
	2021		2020
Weighted average grant date fair value (per share)	$	18.88	$	2.56
Risk-free interest rate	0.84% - 1.38%		0.34% - 0.80%
Expected volatility	85.21% - 87.88%		89.57% - 92.52%
Expected term (in years)	5.1 - 6.3		5.3 - 6.3
Expected dividend yield		—		—