Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Combined Stock Option Activity under 2018 Plan and 2021 Plan

The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the year ended December 31, 2022:

	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		4,232,991		$	7.43		8.66	$	40,437
Granted		544,321			15.81
Exercised		(71,642	)		6.00
Cancelled/Forfeited		(402,334	)		12.25
Outstanding at December 31, 2022		4,303,336		$	8.06		7.92	$	16,204
Exercisable at December 31, 2022		2,099,094		$	6.10		7.08	$	10,610

Schedule of Fair Value of Stock Options, Valuation Assumptions

The fair value of the stock options issued as of December 31, 2022 and 2021 was measured with the following weighted-average assumptions:

	Year Ended December 31,
	2022			2021
Risk-free interest rate		3.00	%		1.15	%
Expected term (years)		5.91			6.03
Expected volatility of the underlying stock		78.10	%		73.87	%
Expected dividend rate		—	%		—	%

Summary of Restricted Stock Unit Activity

A summary of the restricted stock unit activity during the year ended December 31, 2022 is as follows:

	Restricted Stock Units			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2021		231,920		$	14.00
Vested/Released		(51,444	)		14.00
Forfeited		(26,526	)		14.00
Unvested at December 31, 2022		153,950		$	14.00

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows (in thousands):

	Year Ended December 31,
	2022		2021
Research and development	$	2,389	$	702
General and administrative		4,023		1,605
Total	$	6,412	$	2,307