Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity is as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Remaining Contract Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2020		1,249,218		$	1.86		9.8		1,225
Granted		1,157,074			12.09
Exercised		(687,503	)		1.86
Forfeited		(30,000	)		12.20
Balance as of December 31, 2021		1,688,789		$	8.69		9.0	$	1,651
Exercisable and vested at December 31, 2021		493,459		$	7.26		8.9	$	771

Schedule of Fair Value of Each Stock Option Award

The fair value of each stock option award is estimated on the grant-date using the Black-Scholes option pricing model. The inputs used below are subjective and require significant judgment to determine.

	Years Ended December 31,
	2021			2020
Expected term (in years)		5.70			5.40
Risk-free interest rate		0.76	%		0.32	%
Expected volatility		70.2	%		63.5	%
Dividend rate	—%			—%

Schedule of Stock-Based Compensation Expense

The allocation of stock-based compensation expense was as follows (in thousands):

	Years Ended December 31,
	2021		2020
Research and development	$	2,545	$	600
General and administrative		1,573		233
Total stock-based compensation expense	$	4,118	$	833

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance was as follow:

	As of December 31,
	2021		2020
Convertible preferred stock on an as-converted basis		—		20,549,478
Common stock options outstanding and early exercised stock options		1,688,789		1,249,218
Options and restricted stock available for future grants		6,716,195		754,369
Shares available under the 2021 Employee Stock Purchase Plan		388,703		—
Total common stock reserved for issuance		8,793,687		22,553,065