Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Pricing Model

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the years ended December 31, 2021 and 2020 which was as follows:

	Year Ended December 31,
	2021		2020
Risk-free interest rate	0.7	%	0.4	%
Expected volatility	78.8	%	78.5	%
Expected dividend yield	—		—
Expected term (in years)	6.0		6.1

Schedule of Share Option Activity

The following table summarizes the Company’s option activity during the year ended December 31, 2021 which was as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Outstanding as of December 31, 2020	5,016,460	$	4.93	8.5	$	76,941
Granted	1,719,563	15.41
Exercised	(508,774)	2.79
Forfeited	(306,740)	10.22
Outstanding as of December 31, 2021	5,920,509	$	7.88	7.9	$	88,720
Vested and expected to vest as of December 31, 2021	5,920,509	$	7.88	7.9	$	88,720
Options exercisable as of December 31, 2021	2,435,439	$	3.62	7.0	$	46,882

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense related to common stock options and restricted common stock in the following expense categories of its consolidated statements of operations and comprehensive loss during the years ended December 31, 2021 and 2020 which was as follows (in thousands):

	Year Ended December 31,
	2021		2020
Research and development expenses	$	4,324	$	1,724
General and administrative expenses	4,060		1,237
	$	8,384	$	2,961