Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Options Activity

The following table summarizes stock option activity for the year ended December 31, 2021:

	Stock Options
	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2020		4,552,396		$	9.13		8.2
Granted		1,104,666			33.39
Forfeited		(28,031	)		27.02
Exercised		(421,947	)		6.98
Outstanding as of December 31, 2021		5,207,084		$	14.35		7.7	$	167,709
Vested and expected to vest as of    December 31, 2021		5,207,084		$	14.35		7.7	$	167,709
Exercisable at December 31, 2021		2,045,416		$	8.06		6.2	$	78,747

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense, and also the allocation within the consolidated statements of operations and comprehensive income (loss):

	Year Ended December 31,
(in thousands)	2021		2020
Research and development	$	1,906	$	425
General and administrative		11,888		3,867
Total stock-based compensation expense	$	13,794	$	4,292

Schedule of Fair Value Assumptions for Stock Options Granted

The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during:

	Year Ended December 31,
	2021		2020
Risk-free interest rate	0.42% - 1.27%		0.36% - 1.35%
Expected term (in years)		6	5 - 6
Expected volatility	92% - 100%		90% - 102%
Expected dividend yield	0%		0%
Estimated fair value of common stock	$20.54 - $46.68		$2.95 - $33.12