Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions under Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards

The Company used the Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards granted during the periods presented, with the following assumptions.

	Three Months Ended June 30,			Six Months Ended June 30,
	2022			2022
Expected volatility		74.00	%		74.00	%
Expected dividend yield		0	%		0	%
Expected term (in years)	6.01			5.97-6.01
Risk-free interest rate	2.53%-3.39%			1.91%-3.39%

Summary of Option Activity

A summary of option activity under the 2020 Plan and the 2021 Plan during the six months ended June 30, 2022 is as follows:

	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021		5,056,743		$	8.77		9.2	$	18,503
Options granted - 2021 Plan		2,810,502		$	8.70
Options exercised		(43,945	)	$	0.30
Options cancelled		(161,584	)	$	6.24
Outstanding as of June 30, 2022		7,661,716		$	8.85		8.9	$	608,949
Exercisable		1,481,036		$	7.37		8.2	$	321,482
Vested and expected to vest as of June 30, 2022		7,661,716		$	8.85		8.9	$	608,949

Components of Stock-based Compensation Expense

The following table presents the components of stock-based compensation expense for the Company’s stock-based awards for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Restricted stock awards and founders’ common stock awards	$	2	$	1	$	4	$	1
ESPP		112		6		258		6
Stock options		3,246		2,011		6,440		3,044
Total stock-based compensation expense	$	3,360	$	2,018	$	6,702	$	3,051

Classification of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense for the Company’s stock-based awards for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development expenses	$	1,259	$	614	$	2,632	$	811
General and administrative expenses		2,101		1,404		4,070		2,240
Total stock-based compensation expense	$	3,360	$	2,018	$	6,702	$	3,051