Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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

Total stock-based compensation expense recorded in the condensed statements of operations and allocated as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Research and development	$	611	$	—	$	924	$	—
General and administrative		852		—		1,458		—
Total stock-based compensation expense	$	1,463	$	—	$	2,382	$	—

Summary of Stock Option Activity

The following table summarizes stock option activity:

				Outstanding Options
	Shares Available for Grant			Shares			Weighted- Average Exercise		Weighted- Average Remaining Contractual Term (Years)
Balance—December 31, 2020		4,327,799			—		$	—
Granted		(2,068,111	)		2,068,111		$	6.47
Balance—March 31, 2021		2,259,688			2,068,111		$	6.47		9.8
Authorized for Issuance under the 2021 Plan		25,000,000
Granted		(646,738	)		646,738		$	17.89
Exercised					(43,850	)	$	5.14
Balance—June 30, 2021		24,353,262			2,670,999		$	9.25		9.8

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

The fair value of employee stock options was estimated using the following weighted-average assumptions:

	Three Months Ended			Six Months Ended
	June 30, 2021			June 30, 2021
Expected term in years		6.0			6.0
Expected volatility		91	%		91	%
Risk-free interest rate		1.0	%		0.9	%
Dividend yield		—			—
Weighted average fair value of share-based awards granted	$	13.27		$	6.93