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Stock Option and Grant Plan (Tables)
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

A summary of option activity for the six months ended June 30, 2022, is as follows:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2021

 

 

5,339,011

 

 

$

5.54

 

 

 

8.7

 

 

$

15,627

 

Granted

 

 

3,872,520

 

 

$

19.07

 

 

 

 

 

 

 

Exercised

 

 

(669,040

)

 

$

0.37

 

 

 

 

 

$

5,961

 

Cancelled or forfeited

 

 

(14,452

)

 

$

14.07

 

 

 

 

 

 

 

Outstanding at June 30, 2022

 

 

8,528,039

 

 

$

12.08

 

 

 

8.8

 

 

$

65,275

 

Options exercisable as of June 30, 2022

 

 

1,393,475

 

 

$

4.71

 

 

 

7.4

 

 

$

20,276

 

Options unvested as of June 30, 2022

 

 

7,134,564

 

 

$

13.52

 

 

 

9.1

 

 

$

44,999

 

Weighted average grant-date fair value of options granted
   during the period

 

$

14.20

 

 

 

 

 

 

 

 

 

 
Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity for the six months ended June 30, 2022, is as follows:

 

 

 

Number of shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested as of December 31, 2021

 

 

—

 

 

$

—

 

Granted

 

 

672,313

 

 

$

18.41

 

Vested

 

 

—

 

 

 

—

 

Forfeited

 

 

(2,300

)

 

$

16.75

 

Nonvested as of June 30, 2022

 

 

670,013

 

 

$

18.42

 
Summary of Stock-Based Compensation Stock-based compensation expense recorded in the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2022 and 2021, is as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

 

(in thousands)

 

Research and development

 

$

1,460

 

 

$

187

 

 

$

2,585

 

 

$

391

 

General and administrative

 

 

4,247

 

 

 

470

 

 

 

7,514

 

 

 

852

 

Total stock-based compensation expense

 

$

5,707

 

 

$

657

 

 

$

10,099

 

 

$

1,243

 

 
Summary of Stock-Based Compensation by Type of Award

The following table summarizes stock-based compensation by type of award:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

 

(in thousands)

 

Stock options

 

$

4,955

 

 

$

657

 

 

$

8,863

 

 

$

1,243

 

Restricted stock units

 

 

752

 

 

 

—

 

 

 

1,236

 

 

 

—

 

Total stock-based compensation expense

 

$

5,707

 

 

$

657

 

 

$

10,099

 

 

$

1,243

 
Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period

The following table summarizes unrecognized stock-based compensation expense as of June 30, 2022, by type of awards, and the weighted-average period over which that expense is expected to be recognized. The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.

 

 

 

As of June 30, 2022

 

 

 

Unrecognized Expense

 

 

Weighted-average Recognition Period

 

 

 

(in thousands)

 

 

(in years)

 

Stock options

 

$

66,408

 

 

 

3.18

 

Restricted stock units

 

$

11,103

 

 

 

3.62