Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 and comprehensive loss is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development expenses	$	1,158	$	182	$	2,836	$	344
General and administrative expenses	1,549		396		4,177		724
Total	$	2,707	$	578	$	7,013	$	1,068

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 nine months ended September 30, 2022 and 2021:

	September 30, 2022		September 30, 2021
Risk‑free interest rate	2.11	%	0.99	%
Expected volatility	71	%	74	%
Expected dividend yield	—		—
Expected term (in years)	6.04		6.02

Summary of the stock option activity

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

	Number of Shares	Weighted‑ Average Exercise Price
Outstanding as of December 31, 2021	3,461,870	$	10.38
Granted	1,660,987	11.34
Exercised	(57,018)	2.12
Forfeited	(63,109)	11.83
Outstanding as of September 30, 2022	5,002,730	$	10.77
Exercisable as of September 30, 2022 (1)	2,506,844	$	7.16

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

Summary of unvested restricted stock

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

	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2021	—	$	—
Issued	456,845	12.05
Forfeited	(11,400)	11.62
Unvested as of September 30, 2022	445,445	$	12.06