Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation Expense

Stock-based compensation expense is summarized for employees and nonemployees, by category in the accompanying condensed consolidated statements of operations as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	3,008	$	494	$	8,073	$	1,061
Selling, general and administrative		4,968		1,145		13,892		2,033
Total	$	7,976	$	1,639	$	21,965	$	3,094

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the six months ended June 30, 2022:

	Number of Options			Weighted- Average Exercise Price per Share			Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		4,889,820		$	10.39			6.17	$	54,449
Retroactive application of reverse recapitalization		7,784,666			(6.38	)
Adjusted and Outstanding at December 31, 2021		12,674,486		$	4.01			6.17	$	54,449
Granted		2,658,185		$	3.35
Exercised		(162,064	)	$	0.68
Forfeited - unvested		(17,281	)	$	5.56
Forfeited - vested		(63,718	)	$	4.31
Expired		(456,534	)	$	1.23
Outstanding at June 30, 2022		14,633,074		$	4.01			6.66	$	840
Exercisable at June 30, 2022		9,780,237		$	3.81			5.43	$	840
Vested and Expected to Vest at June 30, 2022		14,633,074		$	4.01			6.66	$	840

Schedule of Grant Date Fair Value of Options Issued Using Black-Scholes Weighted Average Assumptions

The fair value of each option issued was estimated at the date of grant using Black-Scholes with the following weighted-average assumptions:

	Six Month Ended June 30,
	2022
Market price of common stock	$	3.35
Expected volatility		72.4	%
Expected term (in years)		6.1
Risk-free interest rate		1.7	%
Expected dividend yield		0.0	%

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity during the six months ended June 30, 2022:

	Number of RSUs			Weighted- Average Grant Date Fair Value
Outstanding and Unvested at December 31, 2021		313,354		$	21.41
Retroactive application of reverse recapitalization		498,868		$	(13.15	)
Adjusted and Outstanding and Unvested at December 31, 2021		812,222		$	8.26
Granted		4,555,197		$	3.46
Vested		(17,654	)	$	8.26
Forfeited		—
Outstanding and Unvested at June 30, 2022		5,349,765		$	4.18