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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Activity

The following table summarizes stock option activity for the year ended December 31, 2022:

 

 

 

Stock Options

 

 

 

Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life
(in years)

 

 

Aggregate
Intrinsic
Value
(In thousands)

 

Outstanding as of December 31, 2021

 

 

5,207,084

 

 

$

14.35

 

 

 

7.7

 

 

 

 

Granted

 

 

1,361,467

 

 

 

32.80

 

 

 

 

 

 

 

Forfeited

 

 

(39,086

)

 

 

8.00

 

 

 

 

 

 

 

Exercised

 

 

(127,478

)

 

 

5.21

 

 

 

 

 

 

 

Outstanding as of December 31, 2022

 

 

6,401,987

 

 

$

18.50

 

 

 

7.1

 

 

$

40,745

 

Vested and expected to vest as of
   December 31, 2022

 

 

6,401,987

 

 

$

18.50

 

 

 

7.1

 

 

$

40,745

 

Exercisable at December 31, 2022

 

 

3,278,177

 

 

$

12.79

 

 

 

6.3

 

 

$

29,670

 

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense, and also the allocation within the consolidated statements of operations and comprehensive income:

 

 

 

Year Ended December 31,

 

(in thousands)

 

2022

 

 

2021

 

Research and development

 

$

4,152

 

 

$

1,906

 

General and administrative

 

 

17,409

 

 

 

11,888

 

Total stock-based compensation expense

 

$

21,561

 

 

$

13,794

 

Schedule of Fair Value Assumptions for Stock Options Granted

The following table summarizes the range of key assumptions used to determine the fair value of stock options and ESPP awards granted during:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Stock Options:

 

 

 

 

 

 

Risk-free interest rate

 

1.37% - 4.23%

 

 

0.42% - 1.27%

 

Expected term (in years)

 

5.5 - 6

 

 

 

6

 

Expected volatility

 

86% - 94%

 

 

92% - 100%

 

Expected dividend yield

 

 

0

%

 

0%

 

Estimated fair value of common stock

 

$17.50 - $46.56

 

 

$20.54 - $46.68

 

ESPP Awards:

 

 

 

 

 

 

Risk-free interest rate

 

 

1.63

%

 

 

-

 

Expected term (in years)

 

 

0.5

 

 

 

-

 

Expected volatility

 

 

81

%

 

 

-

 

Expected dividend yield

 

 

0

%

 

 

-

 

Estimated fair value of common stock

 

$17.30

 

 

 

-

 

Schedule of Restricted Stock Unit Activity The following table summarizes the Company's restricted stock unit activity:

 

 

 

Shares

 

 

Weighted
average
grant date
fair value

 

Unvested as of December 31, 2021

 

 

 

 

$

 

Issued

 

 

10,000

 

 

 

35.86

 

Vested

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

Unvested as of December 31, 2022

 

 

10,000

 

 

$

35.86