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

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Convertible Preferred Stock

Convertible preferred stock authorized and issued and its principal terms as of June 30, 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	$	46,916
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	$	92,630
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	$	151,613

Schedule of common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following:

	As of June 30,
	2022
Common stock options and restricted stock units granted and outstanding		8,820,390
Shares available for issuance under the equity incentive plans		3,195,652
Shares available for issuance under the 2021 Employee Stock Purchase Plan		740,900
Total common stock reserved for issuance		12,756,942

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 June 30, 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 (in thousands)
Balance at December 31, 2021		6,591,727		$	8.04		9.26
Granted		1,639,487			15.32
Exercised (including early)		(297,726	)		0.97			$	4,298
Forfeited		(135,967	)		13.01
Balance at June 30, 2022		7,797,521		$	9.76		8.37	$	6,333
Vested and expected to vest as of    June 30, 2022		7,797,521		$	9.76		8.37	$	6,333
Vested and exercisable at    June 30, 2022		2,019,466		$	6.12		6.40	$	1,945

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 June 30, 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		615,419		$	16.18		60,000		$	18.74
Vested		(2,916	)	$	24.85		(12,000	)	$	18.74
Forfeited		(26,134	)	$	14.78		—		$	—
Nonvested at June 30, 2022		974,869		$	20.09		48,000		$	18.74
Expected to vest at June 30, 2022		974,869		$	20.09		—		$	—

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	2,178	$	427	$	3,865	$	540
General and administrative		3,374		981		6,237		1,144
Total	$	5,552	$	1,408	$	10,102	$	1,684

Summary of Assumptions Used in Black-Scholes 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 the six months ended June 30, 2022 and 2021 were as follows:

	Six Months Ended June 30,
	2022	2021
Risk-free rate of interest	1.43%-3.36%	0.53%-1.23%
Expected term (years)	5.27 - 6.08 years	5.48 - 6.49 years
Expected stock price volatility	89.3% - 118.1%	86.0% - 88.4%
Dividend yield	0%	0%