Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [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		2,532,602		$	12.97
Options exercised		(22,775	)	$	2.19
Options cancelled		(77,366	)	$	13.21
Outstanding as of September 30, 2022		5,204,615		$	10.32

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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Expected term (in years)	5.5 – 6.1	6.0 – 6.1	5.5 – 6.1	5.0 – 6.1
Expected volatility	96% – 97%	95% – 96%	96% – 97%	95% – 103%
Risk-free interest rate	2.9% – 3.6%	0.9% – 1.2%	1.6% – 3.6%	0.6% – 1.2%
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		(8,932	)	$	15.19
Forfeited		(5,687	)	$	15.19
Unvested as of September 30, 2022		61,537		$	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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Research and development	$	1,344	$	326	$	3,777	$	654
General and administrative		1,830		642		4,503		1,248
Total stock-based compensation	$	3,174	$	968	$	8,280	$	1,902