Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Equity-Based Compensation

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development expense	$	637	$	351	$	1,233	$	486
General and administrative expense		2,072		651		3,505		1,310
Total equity-based compensation expense	$	2,709	$	1,002	$	4,738	$	1,796

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	1,362,816	$	9.35
Exercised	(2,657)	$	5.89
Cancelled/forfeited	(267,604)	$	9.04
Outstanding as of June 30, 2022	5,181,011	$	8.77	8.94	$	87
Exercisable as of June 30, 2022	1,366,453	$	7.65	8.35	$	-
Vested and expected to vest as of June 30, 2022	5,181,011	$	8.77	8.94	$	87

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

	Six Months Ended June 30,
	2022			2021
Risk-free interest rate		1.47 – 3.39	%		0.63 – 1.15	%
Expected dividend yield		0	%		0	%
Expected term (in years)		5.50 – 6.08			5.52 – 10.00
Expected volatility		80.75 – 87.42	%		81.06 – 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	(30,802)	$	5.51
Canceled/Forfeited	—	$	—
Unvested as of June 30, 2022	79,773	$	5.51