Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

Share-based compensation expense by type of award was as follows (in thousands):

	December 31,
	2022		2021
Stock options	$	14,859	$	6,754
Restricted stock units		4,056		—
Restricted stock units - chief executive officer		2,548		—
ESPP		81		—
Total share-based compensation expense	$	21,544	$	6,754

Share-based compensation expense as reflected in the consolidated statement of operations and comprehensive loss was as follows (in thousands):

	December 31,
	2022		2021
Research and development	$	7,007	$	1,930
General and administrative		14,537		4,824
Total share-based compensation expense	$	21,544	$	6,754

Summary of Stock Option Activity

A summary of stock option activity for awards under the 2017 Plan and the 2022 Plan is presented below:

	Options Outstanding and Exercisable
	Shares Subject to Outstanding Options			Weighted Average Exercise Price per Option		Weighted Average Remaining Contractual Life Term (in Years)		Aggregate Intrinsic Value (1) (in thousands)
Outstanding as of January 1, 2022		5,598,830		$	5.36		8.9	$	7,349
Options Granted		3,468,136			15.20
Options Forfeited		(364,872	)		8.33
Options Exercised		(648,390	)		3.81
Outstanding as of December 31, 2022		8,053,704		$	9.59		8.3	$	172,294
Exercisable as of December 31, 2022		3,179,381		$	6.70		7.3	$	77,205

Summary of Restricted Stock Units Activity

A summary of RSU activity for awards under the 2022 Plan is presented below:

	Shares Subject to Outstanding Awards			Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2022		—		$	—
RSUs Granted		970,244			17.24
RSUs Vested		—			—
RSUs Forfeited		(42,290	)		18.17
Outstanding as of December 31, 2022		927,954		$	17.20

Schedule of Assumptions used in Determining Fair Value for Stock Options and RSU Awards

The assumptions used in the Monte Carlos simulation models to determine the grant date fair value of the RSU Award for each of the three performance condition scenarios were as follows:

	Change in Control	IPO		Change in Control Following an IPO
Date of grant	June 9, 2021	December 7, 2021		December 7, 2021
Time to liquidity event (years)	1.56 - 3.06		10.00		1.33
Equity volatility	100% - 110%	70%		65%
Risk-free interest rate	0.11% - 0.31%	1.47%		0.44%
Discount for lack of marketability	26% - 32%	5%		5%

Fair value of the RSU award (in thousands) $ 1,580 $ 10,300 $ 150