Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activities and Reconciliation of Common Stock Remaining for Grant

The table below presents a summary of activities and a reconciliation of shares of common stock remaining for grant under the 2020 Plan and 2021 Plan during the six months ended June 30, 2021 and the year ended December 31, 2020:

	June 30, 2021			December 31, 2020
Shares authorized under 2020 and 2021 Plans		5,636,000			4,101,545
Options granted		(381,137	)		(1,204,341	)
Restricted stock awards granted		—			(832,983	)
Remaining shares available for grant		5,254,863			2,064,221

Summary of Assumptions under Employee Stock Purchase Plan

	Three Months Ended June 30,			Six Months Ended June 30,
	2021			2021
Expected volatility		72.00	%		72.00	%
Expected dividend yield		0.00	%		0.00	%
Expected term (in years)	0.44			0.44
Risk-free interest rate		1.00	%		1.00	%

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,
	2021			2021
Expected volatility		76	%	76% -77.74%
Expected dividend yield		0.00	%		0.00	%
Expected term (in years)	5.95			5.48 - 6.04
Risk-free interest rate		1.00	%	0.56%-1.04%

Summary of Option Activity

A summary of option activity under the 2020 Plan and the 2021 Plan during the six months ended June 30, 2021 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, 2020		306,739		0.29			9.9	$	1,365
Options granted - 2020 Plan		4,986,847		$	5.39
Options exercised		(922,208	)	$	0.31
Options granted - 2021 Plan		381,137		$	17.00
Outstanding as of June 30, 2021		4,752,515		$	6.95		9.8	$	112,995
Exercisable		126,434		$	5.69		9.7	$	3,166
Vested and expected to vest at June 30, 2021		4,752,515		$	6.95		9.8	$	112,995

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,
	2021		2020		2021		2020
Restricted stock awards and founders’ common stock    awards	$	1	$	1	$	1	$	1
ESPP		6				6
Stock options		2,011				3,044
Total stock-based compensation expense	$	2,018	$	1	$	3,051	$	1

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,
	2021		2020		2021		2020
Research and development expenses	$	614	$	—	$	811	$	—
General and administrative expenses		1,404	1			2,240	$	1
Total stock-based compensation expense	$	2,018	$	1	$	3,051	$	1