Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation Expense

Stock-Based Compensation Expense

Stock-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive income (loss) as follows:

	Three Months Ended March 31,
(in thousands)	2022		2021
Research and development	$	608	$	275
General and administrative		3,585		2,309
Total stock-based compensation expense	$	4,193	$	2,584

Summary of Stock Options Activity

The following table summarizes stock option activity for the three months ended March 31, 2022:

	Stock Options
	Shares			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2021		5,207,084		$	14.35	7.7
Granted		758,125			36.62
Forfeited		(16,763	)		3.44
Exercised		(50,911	)		6.53
Outstanding as of March 31, 2022		5,897,535		$	17.31		7.8	$	96,057
Exercisable at March 31, 2022		2,332,775		$	10.10		6.3	$	52,695

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:

	Three Months Ended March 31,
	2022		2021
Risk-free interest rate	1.37% - 1.96%		0.42% to 0.71%
Expected term (in years)	6		6
Expected volatility	86% - 91%		99% to 100%
Expected dividend yield		—		—
Estimated fair value of common stock	$36.13 - $46.56		$32.00 to $41.58

Schedule of Restricted Stock Unit Activity

The following table summarizes the Company’s restricted stock unit activity:

	Shares		Weighted average grant date fair value
Unvested as of December 31, 2021		—	$	—
Issued		10,000		35.86
Vested		—		—
Cancelled		—		—
Unvested as of March 31, 2022		10,000	$	35.86