Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock Based Compensation

Schedule of Stock-based compensation expense

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

	Year Ended December 31,
	2021		2020
Research and development expenses	$	878	$	107
General and administrative expenses		1,648		218
Total	$	2,526	$	325

Schedule of assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted

	December 31,		December 31,
	2021		2020
Risk‑free interest rate	1.15	%	0.53	%
Expected volatility	73	%	75	%
Expected dividend yield	—		—
Expected term (in years)	6.01		5.99

Summary of the stock option activity

		Weighted‑		Weighted‑
		Average		Average	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value (2)
				(in years)	(in thousands)
Outstanding as of December 31, 2020	1,625,256	$	1.88
Granted	2,311,485		14.67
Exercised	(431,687)		2.17
Forfeited	(43,184)		3.14
Outstanding as of December 31, 2021	3,461,870	$	10.38	9.12	$	26,730
Exercisable as of December 31, 2021 (1)	2,359,876	$	5.84	8.79	$	26,730
(1) This represents the number of vested and unvested options exercisable as of December 31, 2021.
(2) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of December 31, 2021.

Summary of unvested restricted stock

		Weighted‑
		Average
		Grant‑Date
	Shares	Fair Value
Unvested as of December 31, 2020	11,537	$	0.007
Vested	(11,537)		0.007
Unvested as of December 31, 2021	—	$	—