Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Equity-Based Compensation

Schedule of recorded compensation expense related to incentive units, stock options, and restricted common stock

	Three Months Ended March 31,
	2022		2021
Research and development expense	$	596	$	135
General and administrative expense		1,433		659
Total equity-based compensation expense	$	2,029	$	794

Summary of stock option activity

				Weighted
				Average
				Remaining	Aggregate
		Weighted		Contractual	Intrinsic
	Number of	Average		Term	Value
	Stock Options	Exercise Price		(In years)	(In thousands)
Outstanding as of December 31, 2021	4,088,456	$	8.59	9.13	$	30,291
Granted	874,830	$	12.67
Exercised	(2,657)	$	5.89
Cancelled/forfeited	(12,253)	$	13.71
Outstanding as of March 31, 2022	4,948,376	$	9.30	9.07	$	2,832
Exercisable as of March 31, 2022	1,064,255	$	7.09	8.27	$	1,115
Vested and expected to vest as of March 31, 2022	4,948,376	$	9.30	9.07	$	2,832

Schedule of assumptions used in determining the fair value of options granted to employees

	Three Months Ended March 31,
	2022			2021
Risk-free interest rate		1.47 – 1.89	%		0.63 – 1.15	%
Expected dividend yield		0	%		0	%
Expected term (in years)		6.00 – 6.08			5.52 – 10.00
Expected volatility		80.75 – 80.92	%		84.61 – 85.26	%

Schedule of company's restricted stock activity

	Number	Weighted
	of Shares	Average
	of Restricted	Grant Date
	Stock	Fair Value
Unvested as of December 31, 2021	110,575	$	5.51
Vested	(15,441)	$	5.51
Canceled/Forfeited	—	$	—
Unvested as of March 31, 2022	95,134	$	5.51