Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Research and development	$	1,656	$	552	$	3,298	$	1,012
General and administrative		1,769		644		3,332		1,134
Total	$	3,425	$	1,196	$	6,630	$	2,146

Summary of Stock Option Activity

The following table summarizes the stock option activity for the six months ended June 30, 2022:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
	(in years)
Options outstanding as of December 31, 2021		9,372,993		$	5.59		8.55	$	51,415,394
Granted		4,132,175			8.88
Exercised		(357,212	)		2.01
Cancelled		(713,745	)		9.47
Options outstanding as of June 30, 2022		12,434,211		$	6.56		8.59	$	9,642,834
Options exercisable as of June 30, 2022		3,096,025		$	3.16		7.01	$	6,047,673

As of June 30, 2022, total unrecognized compensation expense related to stock options was $42.5 million, which the Company