Stockholder's Deficit (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders Equity Note [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity under the Plans is as follows (in thousands, except share and per share data):

	Number of Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance at December 31, 2021		727,873		$	6.99		9.94	$	765
Granted		804,384			9.88
Cancelled		(16,810	)		6.99
Balance at June 30, 2022		1,515,447		$	8.52		9.62	$	1,652
Vested and expected to vest at June 30, 2022		1,515,447		$	8.52		9.62	$	1,652
Exercisable at June 30, 2022		—		$	—		—	$	—

Summary of Assumptions used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Option Grants

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021 (1)	2022	2021 (1)
Risk-free interest rate	2.9%–3.4%	— %	1.9%–3.4%	— %
Expected volatility	83.4%–92.9%	— %	83.4%–92.9%	— %
Expected term (in years)	6.0–6.1	—	5.5–6.1	—
Expected dividend yield	0 %	0 %	0 %	0 %

No stock options were granted until December 2021.

Schedule of Stock-based Compensation Expense

Stock-based compensation expense has been reported in the condensed consolidated statements of operations as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	179	$	—	$	578	$	—
General and administrative		377		—		250		—
Total	$	556	$	—	$	828	$	—

Summary of Unvested Shares

A summary of the Company’s unvested shares is as follows:

	Number of Unvested Shares
Balance at December 31, 2021		2,625,435
Share vesting		(509,613	)
Balance at June 30, 2022		2,115,822

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	June 30, 2022
Common stock warrants		5,883,500
Common stock options outstanding		1,515,447
Shares available for issuance under the Plans		4,791,550
Shares available for issuance under the ESPP		410,000
		12,600,497