Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following table summarizes our stock options activity for the years ended December 31, 2022 and 2021:

	Number of Options  and Warrants			Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value (in thousands)
Outstanding December 31, 2020		89,935		$	15.00		4.6	$	—
Granted		2,981,678		$	14.58		—	$	—
Outstanding December 31, 2021		3,071,613		$	13.12		8.5	$	—
Granted		1,211,155		$	5.34		—	$	—
Cancelled or forfeited		(362,596	)	$	12.51		—	$	—
Outstanding, December 31, 2022		3,920,172		$	10.77		8.1	$	—
Exercisable at December 31, 2022		993,841		$	13.04		7.3	$	—

Summary of Assumptions for Estimated Fair Value of Options

The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions:
 

	Year Ended December 31,
	2022	2021
Expected volatility	74.0% - 77.3%	72.9% - 82.6%
Risk-free interest rate	1.62% - 4.2%	0.79% - 1.45%
Expected term (in years)	5.5 - 6.0	5.5 - 9.0
Expected dividend yield	0%	0%

Schedule of Equity-based Compensation Expense

Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):

	December 31,
	2022		2021
Research and development	$	2,859	$	600
General and administrative		4,181		1,191
Total equity-based compensation	$	7,040	$	1,791