Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares			Weighted- Average Exercise
				(in dollars)
Outstanding as of December 31, 2021		2,772,154		$	7.90
Options granted		2,448,802		$	13.25
Options exercised		(20,838	)	$	2.15
Options cancelled		(38,408	)	$	11.82
Outstanding as of June 30, 2022		5,161,710		$	10.43

Summary of Fair Value of Stock Option Awards

The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Expected term (in years)	5.5 – 6.1	5.0 – 6.1	5.5 – 6.1	5.0 – 6.1
Expected volatility	96% – 97%	103%	96% – 97%	100% – 103%
Risk-free interest rate	2.8% – 3.4%	0.8% – 1.0%	1.6% – 3.4%	0.6% – 1.0%
Expected dividend yield	—%	—%	—%	—%

Summary of Restricted Stock Activity

The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan.

	Shares			Weighted Average Grant Date Fair Value per Share
				(in dollars)
Unvested as of December 31, 2021		—		$	—
Granted		76,156		$	15.19
Vested		—		$	—
Forfeited		(3,597	)	$	15.19
Unvested as of June 30, 2022		72,559		$	15.19

Summary of Stock-based Compensation

The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Research and development	$	1,437	$	174	$	2,433	$	328
General and administrative		1,575		328		2,673		606
Total stock-based compensation	$	3,012	$	502	$	5,106	$	934