Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Share-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):

	Years Ended December 31,
	2021		2020
Research and development expense	$	8,331	$	1,180
General and administrative expense		10,856		1,460
Total stock-based compensation expense	$	19,187	$	2,640

Summary of Activity Related to Stock Option Grants

A summary of the Company’s stock option activity for the year ended December 31, 2021 is as follows (in thousands, except share and per share data and years):

	Stock Options Outstanding
	Shares Subject to Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance at December 31, 2020		6,316,569		$	10.93
Granted		511,773
Exercised		(261,567	)
Cancelled		(195,902	)
Balance at December 31, 2021		6,370,873			12.82		8.58		11,385,117
Vested at December 31, 2021		1,974,776		$	9.60		8.14	$	4,887,808

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The grant date fair value of stock options was estimated using a Black-Scholes option pricing model with the following weighted-average assumptions:

	Years Ended December 31,
	2021			2020
Expected term (in years)		6.0			6.0
Expected volatility		79	%		80	%
Risk-free interest rate		0.98	%		0.51	%
Expected dividend yield		—			—

Summary of Weighted Average Inputs used under for the ESPP

The weighted average inputs used for the ESPP for the year ended December 31, 2021, were as follows:

	Years Ended December 31,
	2021			2020
Expected term (in years)		1.2			1.2
Expected volatility		81	%		82	%
Risk-free interest rate		0.14	%		0.11	%
Expected dividend yield		—			—