Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated

Total stock-based compensation expense related to the 2020 Plan, 2021 Plan, and ESPP was recorded in the statements of operations and allocated as follows (in thousands):

	Three Months Ended
	March 31,
	2022		2021
Research and development	$	1,012	$	313
General and administrative		1,318		606
Total stock-based compensation expense	$	2,330	$	919

As of March 31, 2022, there was $27.1 million of total unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 3.2 years.

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Outstanding Options
	Shares			Weighted- Average Exercise		Weighted- Average Remaining Contractual Term (Years)
Balance, December 31, 2021		4,254,504		$	9.89		9.4
Granted		465,461			6.54
Exercised		(6,044	)		5.14
Cancelled		(121,503	)		17.00
Balance, March 31, 2022		4,592,418			9.37		9.2
Exercisable, March 31, 2022		906,934			9.09		8.8

Summary of Fair Value of Stock Options Estimated using Weighted-Average Assumptions

The Company estimates the fair value of stock options using the Black-Scholes option pricing model and the fair value of these stock options was estimated using the following weighted-average assumptions:

	Three Months Ended
	March 31,
	2022			2021
Expected term in years		6.0			6.0
Expected volatility		91	%		91	%
Risk-free interest rate		2.1	%		0.8	%
Dividend yield		—			—
Weighted average fair value of share-based awards granted	$	4.91		$	4.79

Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity:

	Number of Restricted Stock Awards			Weighted-Average Grant Date Fair Value
Balance, December 31, 2021		493,914		$	4.02
Granted		—			—
Released		(47,216	)		4.02
Forfeited		—			—
Balance, March 31, 2022		446,698		$	4.02