Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Based Compensation Expense

Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	2,955	$	708	$	5,421	$	1,021
General and administrative		2,694		643		4,432		1,000
Total stock-based compensation expense	$	5,649	$	1,351	$	9,853	$	2,021

Schedule of Stock Option Activity

The following table provides a summary of stock option activity during the six months ended June 30, 2022:

	Number of options			Weighted average exercise price per share		Weighted average remaining contractual life (in years)		Aggregate intrinsic value(2) (in thousands)
Outstanding at December 31, 2021		6,119,295		$	9.44
Granted		2,103,350			27.34
Exercised		(172,699	)		3.62
Forfeited		(164,729	)		25.77
Outstanding at June 30, 2022		7,885,217		$	14.09		8.5	$	52,868
Exercisable at June 30, 2022		2,301,148		$	4.40		7.8	$	25,676
Expected to vest after June 30, 2022(1)		5,584,069		$	18.08		8.8	$	27,192

(1)This represents the number of unvested options outstanding as of June 30, 2022 that are expected to vest in the future.

(2)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money as of June 30, 2022.

As of June 30, 2022, there was $66.3 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.8 years.

Schedule of Status and Change in Unvested Restricted Stock

A summary of the status of and change in unvested restricted stock units as of June 30, 2022 was as follows:

	Shares			Weighted- average grant date fair value per share
Unvested restricted stock units as of December 31, 2021		32,000		$	36.58
Restricted stock units granted		524,875		$	20.48
Restricted stock units forfeited		(4,500	)	$	30.94
Unvested restricted stock units as of June 30, 2022		552,375		$	21.33