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

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Convertible Preferred Stock

Convertible preferred stock authorized and issued and its principal terms as of March 31, 2021 consisted of the following ($ amounts in thousands):

	Shares Authorized and Outstanding		Shares Issued and Outstanding		Shares of Common Stock Issuable upon Conversion		Aggregate Liquidation Preference		Carrying Value
Series A-1		49,193,959		49,193,959		11,837,711	$	47,300	$	46,917
Series A-2		4,949,794		4,949,794		1,191,082	$	3,807	$	4,150
Series B-1		32,958,612		32,958,612		7,930,924	$	93,000	$	92,654
Series B-2		2,805,850		2,805,850		675,181	$	6,730	$	7,917
Total		89,908,215		89,908,215		21,634,898	$	150,837	$	151,638

Schedule of common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following:

	As of March 31,
	2022
Common stock options and restricted stock units granted and outstanding		8,525,522
Shares available for issuance under the equity incentive plans		3,771,600
Shares available for issuance under the 2021 Employee Stock Purchase Plan		777,685
Total common stock reserved for issuance		13,074,807

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 March 31, 2022, and information with respect to the changes in options outstanding is as follows:

	Options Outstanding			Weighted Average Exercise  Price Per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance at December 31, 2021		6,591,727		$	8.04		9.26
Authorized increase in plan shares		—			—		—		—
Granted		1,258,140			17.48		—		—
Exercised (including early)		(295,764	)		0.94		—	$	4,290,213
Balance at March 31, 2022		7,554,103		$	9.89		9.19	$	11,365,470
Vested and expected to vest as of    March 31, 2022		7,554,103		$	9.89		9.19	$	11,365,470
Vested and exercisable at    March 31, 2022		1,563,412		$	5.99		9.00	$	3,058,199

Summary of the RSU under Equity incentive plan

A summary of the status of RSUs issued under the Company’s equity incentive plans as of March 31, 2022, and information with respect to the changes in RSUs outstanding is as follows:

	Service-based RSUs				Performance-based RSUs
	Units		Weighted Average Grant-Date Fair Value		Units		Weighted Average Grant-Date Fair Value
Nonvested at December 31, 2021		388,500	$	25.96		—	$	—
Granted		522,919	$	17.60		60,000	$	18.74
Nonvested at March 31, 2022		911,419	$	21.16		60,000	$	18.74
Expected to vest at March 31, 2022		911,419	$	21.16		—	$	—

Schedule of Stock-based Compensation Expense for All Equity Awards

Stock-based compensation expense for all equity awards and the ESPP has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Research and development	$	1,687	$	113
General and administrative		2,863		163
Total	$	4,550	$	276

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:

	Three Months Ended March 31,
	2022	2021
Risk-free rate of interest	1.43%-2.12%	0.53%-0.64%
Expected term (years)	5.77 - 6.08 years	5.48 - 6.12 years
Expected stock price volatility	89.3% - 118.1%	86.0% - 87.9%
Dividend yield	0%	0%