Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity under Stock Option Plans and Related Information

The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts):

	Number of Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2021		6,945,184		$	5.95		7.9	$	77,363
Options granted		2,078,335		$	14.44
Options exercised		(59,174	)	$	3.52			$	720
Options cancelled/forfeited		(32,131	)	$	7.01
Outstanding at March 31, 2022		8,932,214		$	7.94		8.2	$	80,154
Vested and exercisable at March 31, 2022		3,696,826		$	6.07		6.8	$	41,062

Summary of RSU Activity

	Number of RSUs Outstanding			Weighted Average Grant-Date Fair Price
Outstanding at December 31, 2021		—			—
RSUs granted		43,135		$	14.55
RSUs vested		—		$	—
RSUs forfeited		(1,200	)	$	14.55
Outstanding at March 31, 2022		41,935		$	14.55

Stock-Based Compensation Expense Recognized

Total stock-based compensation expense recognized by function was as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Research and development	$	1,323	$	782
General and administrative		1,781		1,146
Total stock-based compensation expense	$	3,104	$	1,928

Fair Value of Employee Stock Options Granted is Calculated Using Black Scholes Option Pricing Model with Range of Assumptions

The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model with the following range of assumptions:

	Three Months Ended March 31,
	2022		2021
Expected term (years)	5.3 - 6.0		6.0
Expected volatility	84.6 - 86.8	%	88.0 - 88.1	%
Risk-free interest rate	1.6 - 2.1	%	0.5 - 0.9	%
Expected dividend yield	—		—