Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Assumptions of Grant Date Fair Value of Stock Options Granted

The assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted were as follows:

	December 31, 2022	December 31, 2021
Risk-free interest rate range	2.69% - 4.15%	0.49% - 1.33%
Dividend yield	0.00%	0.00%
Expected life of options (years)	5.8 - 6.1	5.0 - 6.2
Volatility rate range	71.06% - 82.54%	70.77% - 79.18%
Fair value of common stock range	$3.63 - $12.50	$1.04 - $3.88

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2022:

	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021		881,611		$	1.60		9.18	$	2,008
Granted		2,516,310			7.74
Exercised		(25,039	)		0.94
Forfeited or canceled		(71,947	)		2.55
Outstanding as of December 31, 2022		3,300,935		$	6.29		9.26	$	18,346
Vested and expected to vest as of December 31, 2022		3,300,935		$	6.29		9.26	$	18,346
Vested and exercisable as of December 31, 2022		726,847		$	2.14		8.38	$	6,822

Summary of RSU activity

A summary of the RSU activity during the year ended December 31, 2022 is as follows:

	Restricted Stock Units		Weighted-Average Grant Date Fair Value
Unvested at December 31, 2021		—	$	—
Granted		1,787,152		12.49
Vested		—		—
Forfeited		—		—
Unvested at December 31, 2022		1,787,152	$	12.49

Summary of Share-based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Year Ended December 31,
	2022		2021
Research and development	$	789	$	411
General and administrative		1,396		86
Total stock-based compensation expense	$	2,185	$	497