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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Option Activity

A summary of the Company's stock option activity for the periods presented was as follows (in thousands, except year, share and per share data):

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Number of

 

 

Weighted-

 

 

Remaining

 

 

 

 

 

 

Options and

 

 

Average

 

 

Contractual

 

 

Aggregate

 

 

 

Awards

 

 

Exercise

 

 

Term

 

 

Intrinsic

 

 

 

Outstanding

 

 

Price

 

 

(Years)

 

 

Value

 

Outstanding at December 31, 2019

 

 

30,674

 

 

$

0.003

 

 

 

9.95

 

 

$

 

Granted

 

 

1,723,913

 

 

$

0.93

 

 

 

 

 

 

 

Exercised

 

 

(153,373

)

 

$

0.95

 

 

 

 

 

 

 

Canceled

 

 

 

 

$

 

 

 

 

 

 

 

Outstanding at December 31, 2020

 

 

1,601,214

 

 

$

0.91

 

 

 

9.71

 

 

 

8,468

 

Granted

 

 

1,439,444

 

 

$

15.60

 

 

 

 

 

 

 

Exercised

 

 

(52,974

)

 

$

0.65

 

 

 

 

 

 

 

Canceled

 

 

(313,909

)

 

$

3.82

 

 

 

 

 

 

 

Outstanding at December 31, 2021

 

 

2,673,775

 

 

$

8.49

 

 

 

9.12

 

 

$

35,343

 

Vested and expected to vest at December 31, 2021

 

 

2,673,775

 

 

$

8.49

 

 

 

9.12

 

 

$

35,343

 

Exercisable at December 31, 2021

 

 

949,102

 

 

$

2.34

 

 

 

8.78

 

 

$

18,159

 

Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Option Grants

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

 

 

 

Year Ended
December 31,

 

 

 

2021

 

 

2020

 

Fair value of common stock

 

 

15.60

 

 

 

5.08

 

Expected term (years)

 

 

6.07

 

 

 

6.32

 

Expected volatility

 

 

72.83

%

 

 

72.93

%

Risk-free interest rate

 

 

1.04

%

 

 

0.62

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

Stock-Based Compensation Expense for Equity Awards Reported in Statements of Operations and Comprehensive Loss

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

 

 

 

Year Ended
December 31,

 

 

 

2021

 

 

2020

 

Research and development

 

$

1,827

 

 

$

177

 

General and administrative

 

 

2,862

 

 

 

273

 

Total

 

$

4,689

 

 

$

450

 

2021 Employee Stock Purchase Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Option Grants

In determining the grant date fair value of shares to be issued under the ESPP, the Company uses the Black-Scholes option pricing model. The Black-Scholes inputs are determined in the same manner as for stock option awards. The weighted average inputs used for the ESPP for the year ended December 31, 2021, were as follows:

 

 

 

Year Ended
December 31,

 

 

 

2021

 

Fair value of common stock

 

 

19.96

 

Expected term (years)

 

 

1.41

 

Expected volatility

 

 

69.26

%

Risk-free interest rate

 

 

0.18

%

Expected dividend yield

 

 

0.0

%