Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders Equity Note [Abstract]

Schedule of Convertible Preferred Stock

Convertible preferred stock authorized and issued and its principal terms as of December 31, 2020 consisted of the following ($ amounts in thousands):

	Share Authorized and Outstanding		Shares Issued and Outstanding		Shares of Common Stock Issuable upon Conversion		Aggregate Liquidation Preference		Carrying Value
Series A-1		49,089,955		27,249,085		6,557,031	$	26,200	$	25,912
Series A-2		4,949,794		4,949,794		1,191,082		3,807		4,150
Total		54,039,749		32,198,879		7,748,113	$	30,007	$	30,062

Summary of the Status of the Options Issued Under the Plan

A summary of the status of the options issued under the Company’s equity incentive plans as of December 31, 2021, and information with respect to the changes in options outstanding is as follows:

	Option Pool Available for Grant			Options Outstanding			Weighted Average Exercise  Price Per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance at December 31, 2020		541,411			641,427		$	0.84		9.02	$	—
Authorized increase in plan shares		22,634,965			—			—		—		—
Granted		(6,177,633	)		6,177,633			8.52		—		—
Exercised (including early)		—			(227,333	)		0.84		—	$	1,012,104
Balance at December 31, 2021		16,998,743			6,591,727		$	8.04		9.26	$	101,725,631
Vested and expected to vest as of    December 31, 2021					6,591,727		$	8.04		9.26	$	101,725,631
Vested and exercisable at    December 31, 2021					826,952		$	5.71		9.05	$	14,199,668

Schedule of common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following:

	As of December 31,
	2021
Common stock options and restricted stock units granted and outstanding		6,980,227
Shares available for issuance under the equity incentive plans		8,187,715
Shares available for issuance under the 2021 Employee Stock Purchase Plan		1,183,394
Total common stock reserved for issuance		16,351,336

Schedule of Stock-based Compensation Expense for All Equity Awards

Stock-based compensation expense for all equity awards and the 2021 Employee Stock Purchase Plan, has been reported in the statements of operations and comprehensive loss as follows (in thousands):

	Year Ended December 31,
	2021		2020
Research and development	$	2,710	$	137
General and administrative		26,321		120
Total	$	29,031	$	257

Summary of Assumptions Used in Black-Scholes Model

The fair value of each stock option granted was determined using the Black-Scholes option pricing model. The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants issued during years ended were as follows:

	Year Ended December 31,
	2021	2020
Risk-free rate of interest	0.63%-1.34%	0.31%-1.40%
Expected term (years)	5.77 - 6.08 years	5.90 - 6.08 years
Expected stock price volatility	84.2% - 90.9%	80.2% - 86.4%
Dividend yield	0%	0%