Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Total Share Based Compensation Expense

Total share-based compensation expense was comprised of the following (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development	$	1,599	$	181	$	2,794	$	230
General and administrative		2,532		107		4,781		138
Total	$	4,131	$	288	$	7,575	$	368

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2022:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2021		6,010,490		$	6.83		9.27	$	78,630
Granted		2,472,855			13.86
Exercised		(417,332	)		0.53
Forfeited and cancelled		(666,048	)		8.97
Outstanding as of June 30, 2022		7,399,965		$	9.34		9.02	$	30,296
Vested and expected to vest as of June 30, 2022		7,399,965		$	9.34		9.02	$	30,296
Exercisable as of June 30, 2022		1,807,268		$	4.30		7.96	$	15,018

Summary of Assumptions Used in Black-Scholes Option Pricing Model

The fair value of each option award is estimated on the date of grant using the Black-Scholes model. The following assumptions were used in the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees under the Company’s Plan during the periods presented:

	Six Months Ended
	June 30,
	2022		2021
Risk-free interest rate	0.9% - 3.4%		0.9% - 1.0%
Expected volatility	67.9% - 75.0%			80.0	%
Expected term (in years)	0.3 - 10.0		3.1 - 5.9
Expected dividend yield		—		—

Summary of Restricted Stock Award Activity

The following table summarizes restricted stock award activity for the six months ended June 30, 2022:

				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2021		117,872		$	2.80
Vested		(56,988	)		2.12
Unvested balance as of June 30, 2022		60,884		$	3.45

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the six months ended June 30, 2022:

				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Balance as of December 31, 2021		675,679		$	14.78
Granted		10,000		$	15.95
Vested		(6,842	)	$	21.90
Unvested balance as of June 30, 2022		678,837		$	14.73