Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022 and the year ended December 31, 2021:

	March 31, 2022			December 31, 2021
Shares authorized under 2020 and 2021 Plans		8,536,541			5,636,000
Options granted		(3,338,944	)		(1,320,592	)
Options early exercised and repurchased		138,596			138,596
Remaining shares available for grant		5,336,193			4,454,004

Summary of Assumptions under Employee Stock Purchase Plan

	Three Months Ended March 31,
	2022
Expected volatility		74.00	%
Expected dividend yield		0	%
Expected term (in years)	0.5
Risk-free interest rate		0.10	%

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 March 31,
	2022
Expected volatility		74.00	%
Expected dividend yield		0.00	%
Expected term (in years)	5.97
Risk-free interest rate	1.91% - 2.00		%

Summary of Option Activity

A summary of option activity under the 2020 Plan and the 2021 Plan during the three months ended March 31, 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		2,018,352		$	10.42
Options cancelled		(80,337	)	$	2.55
Outstanding as of March 31, 2022		6,994,758		$	9.32		3.2	$	—
Exercisable		792,864		$	5.91		2.4	$	—
Vested and expected to vest as of March 31, 2022		6,994,758		$	9.32		3.2	$	—

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 March 31,
	2022		2021
Restricted stock awards and founders’ common stock awards	$	2	$	—
ESPP		146		—
Stock options		3,194		1,033
Total stock-based compensation expense	$	3,342	$	1,033

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 March 31,
	2022		2021
Research and development expenses	$	1,373	$	196
General and administrative expenses		1,969		837
Total stock-based compensation expense	$	3,342	$	1,033