Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Research and development	$	766	$	—	$	1,690	$	—
General and administrative		1,155		—		2,613		—
Total stock-based compensation expense	$	1,921	$	—	$	4,303	$	—

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, 2020		—		$	—		—
Granted		3,113,099		$	9.79
Exercised		(43,850	)	$	5.14
Cancelled		(102,731	)	$	6.60
Balance—September 30, 2021		2,966,518		$	9.96		9.4
Exercisable		446,210		$	8.46		9.1

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

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021			2020
Expected term in years		6.0			—		6.0			—
Expected volatility		91	%		—		91	%		—
Risk-free interest rate		0.9	%		—		0.9	%		—
Dividend yield		—			—		—			—
Weighted average fair value of share-based awards granted	$	10.33		$	—	$	7.26		$	—