Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based compensation expense

Stock-based compensation expense recorded in the condensed consolidated statements of operations is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development expenses	$	974	$	106	$	1,678	$	162
General and administrative expenses	1,538		220		2,628		328
Total	$	2,512	$	326	$	4,306	$	490

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

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the six months ended June 30, 2022 and 2021:

	June 30, 2022		June 30, 2021
Risk‑free interest rate	1.77	%	1.05	%
Expected volatility	71	%	74	%
Expected dividend yield	—		—
Expected term (in years)	6.03		6.01

Summary of the stock option activity

The following table summarizes the Company’s stock option activity during the six months ended June 30, 2022:

	Number of Shares	Weighted‑ Average Exercise Price
Outstanding as of December 31, 2021	3,461,870	$	10.38
Granted	1,150,523	11.04
Exercised	(30,150)	2.01
Forfeited	(46,522)	11.73
Outstanding as of June 30, 2022	4,535,721	$	10.59
Exercisable as of June 30, 2022 (1)	2,471,102	$	6.79

(1)This represents the number of vested and unvested options exercisable as of June 30, 2022.

Summary of unvested restricted stock

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

	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2021	—	$	—
Issued	302,279	11.57
Forfeited	(7,175)	11.57
Unvested as of June 30, 2022	295,104	$	11.57