Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2021 and 2020:

	December 31, 2021			December 31, 2020
Shares authorized under 2020 and 2021 Plans		5,636,000			4,101,545
Options granted		(1,320,592	)		(1,204,341	)
Options early exercised and repurchased		138,596			—
Restricted stock awards granted		—			(832,983	)
Remaining shares available for grant		4,454,004			2,064,221

Summary of Assumptions under Employee Stock Purchase Plan

	Year Ended December 31,
	2021
Expected volatility	72.00% - 74.00%
Expected dividend yield	0.00%
Expected term (in years)	0.44 - 0.5
Risk-free interest rate	0.10% - 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.

	Year Ended December 31,	Year Ended December 31,
	2021	2020
Expected volatility	72.00% - 77.74%	77.91% - 79.18%
Expected dividend yield	0%	0%
Expected term (in years)	5.48 - 6.04	5.91 - 6.07
Risk-free interest rate	0.56% - 1.34%	0.37% - 0.53%

Summary of Option Activity

A summary of option activity under the 2020 Plan and the 2021 Plan during the year ended December 31, 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		(952,731	)	$	0.33
Options granted - 2021 Plan		1,320,592		$	16.15
Options cancelled		(604,704	)	$	5.99
Outstanding as of December 31, 2021		5,056,743		$	8.77		9.2	$	18,503
Exercisable		563,228		$	5.11		7.9	$	4,126
Vested and expected to vest as of December 31, 2021		5,056,743		$	8.77		9.2	$	18,503

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 year ended December 31, 2021 (in thousands):

	Year Ended December 31,
	2021		2020
Restricted stock awards and founders’ common stock awards	$	9	$	6
ESPP		215		—
Stock options		7,647		171
Total stock-based compensation expense	$	7,871	$	177

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 year ended December 31, 2021 (in thousands):

	Year Ended December 31,
	2021		2020
Research and development expenses	$	2,685	$	123
General and administrative expenses		5,186		54
Total stock-based compensation expense	$	7,871	$	177