Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based compensation

Schedule of Stock-based compensation expense

Share-based compensation expense recorded as research and development and general and administrative expenses in the statements of operations is as follows (in thousands):

	Year Ended December 31,
In thousands)	2021		2020
General and administrative	$	2,071	$	441
Research and development		1,377		180
	$	3,448	$	621

Weighted average assumptions used in option-pricing

The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were:

	Year ended December 31,
	2021			2020
Expected volatility		83.0	%		83.0	%
Risk-free interest rate		1.0	%		0.6	%
Expected term (in years)		6.0			6.1
Expected dividend yield		—			—
Fair value of common stock	$	23.04		$	5.30

Summary of option activity

A summary of option activity under the Plans and the 2020 Plan during the year ended December 31, 2021 is as follows:

				Weighted
		Weighted		average
		average		remaining
	Number of	exercise price		contractual
	shares	per share		term (years)
Outstanding at January 1, 2021	1,472,840	$	3.14	8.51
Granted	803,481	$	23.04	9.25
Forfeited	(23,031)	$	19.88	—
Exercised	(247,534)	$	0.40	5.21
Outstanding at December 31, 2021	2,005,756	$	11.26	8.50
Exercisable at December 31, 2021	659,478	$	3.14	7.60
Vested or expected to vest at December 31, 2021	2,005,756	$	11.26	8.50