Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Unvested Common Stock Activity

The following table provides a summary of the unvested common stock activity for the year ended December 31, 2021:

	Number of Shares			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2020		—		$	—
Conversion of profit interest units		1,141,403		$	6.62
Vested		(105,898	)	$	4.29
Forfeited		(7,116	)	$	3.11
Balance as of December 31, 2021		1,028,389		$	6.76

Summary of Recognized Share-Based Compensation

The Company recognized share-based compensation as follows:

	Year Ended December 31,
	2021		2020
	(In thousands)
Research and development expenses	$	2,625	$	381
General and administrative expenses		2,956		175
Total share-based compensation	$	5,581	$	556

2021 Stock Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Estimated Grant-Date Fair Value of Units/Awards Calculated Using Black-Scholes Option Pricing Model

The estimated grant-date fair value of the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions:

	Year Ended December 31,
	2021	2020
Expected term (in years)	5.0 - 6.7		—
Expected volatility	72% - 73%		—
Risk-free interest rate	0.79% - 1.34%		—
Dividend yield	0%		—

Summary of Stock Option Activity under 2021 Plan

Stock option activity under the 2021 Plan was as follows:

	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balances as of December 31, 2020		—		$	—		—	$	—
Stock options granted		1,481,726			17.57
Stock options cancelled		(7,914	)		17.00
Balances as of December 31, 2021		1,473,812			17.57		9.71		11,711
Options vested and exercisable as of    December 31, 2021		300,701			17.00		9.70		2,499

Profit Interest Units | 2014 Equity Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of PI Units Activity

The following table summarizes the PI Units activity:

	Number of Units			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2019		1,294,435		$	1.73
Granted		552,557			2.56
Cancelled/Forfeited		(22,657	)		2.35
Balance as of December 31, 2020		1,824,335			1.97
Granted		1,385,782			5.03
Cancelled/Forfeited		(47,227	)		2.63
Converted to vested and unvested common stock		(3,162,890	)		3.29
Balance as of December 31, 2021		—		$	—

Summary of Estimated Grant-Date Fair Value of Units/Awards Calculated Using Black-Scholes Option Pricing Model

The estimated grant-date fair value of all the Company’s PI Units was calculated using the Black-Scholes option pricing model, based on the following assumptions:

	Year Ended December 31,
	2021	2020
Expected term (in years)	5.5 – 6.1		6.1
Expected volatility	75%	80%
Risk-free interest rate	0.74 – 1.10%	0.4 – 1.7%
Expected dividend rate	0%	0%