Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of 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 June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	1,148	$	496	$	1,756	$	771
General and administrative		4,612		2,731		8,197		5,040
Total stock-based compensation expense	$	5,760	$	3,227	$	9,953	$	5,811

Summary of Stock Options Activity

The following table summarizes stock option activity for the six months ended June 30, 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		1,237,467			33.79
Forfeited		(26,831	)		6.80
Exercised		(109,322	)		5.58
Outstanding as of June 30, 2022		6,308,398		$	18.35		7.7	$	45,432
Exercisable at June 30, 2022		2,649,909		$	12.20		6.7	$	27,105

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Risk-free interest rate	1.96% - 3.07%		0.84% to 0.90%		1.37% - 3.07%		0.42% - 0.90%
Expected term (in years)	5.5 - 6		6		5.5 - 6		6
Expected volatility	86% - 93%		94% to 99%		86% - 93%		94% - 100%
Expected dividend yield		—		—		—		—
Estimated fair value of common stock	$17.50 - $36.21		$23.19 to $34.18		$17.50 - $46.56		$23.19 - $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 June 30, 2022		10,000	$	35.86