Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Fair value of Options Granted Under Weighted Average Assumptions

The fair value of each option granted during the period was estimated on the date of grant using the following weighted average assumptions:

	2021			2020
Expected volatility		67	%		65	%
Expected term in years		6			7
Risk-free interest rate		0.6	%		1.8	%
Dividend yield		0	%		0	%

Summary of Option Activity

A summary of option activity for 2021 is presented below:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2020		2,713,418		$	0.01
Granted		2,239,576			3.03
Exercised		(41,746	)		0.01
Forfeited		(39,426	)		1.39
Outstanding at December 31, 2021		4,871,822			1.38		8.41	$	14,982,873
Vested or expected to vest at December 31, 2021		4,871,822			1.38		8.41	$	14,982,873
Exercisable at December 31, 2021		1,696,250		$	0.08		7.84	$	7,428,962

Summary of Non-vested Stock Activity

A summary of non-vested stock activity for 2021 is presented below:

	Nonvested Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		55,660		$	0.01
Granted		695,750		$	3.03
Forfeited		(27,830	)	$	0.01
Outstanding at December 31, 2021		723,580		$	2.91

Summary of Share-based Compensation Expense

The impact on the Company’s results of operations from share-based compensation for the year ended December 31, 2021 and 2020, was as follows (in thousands):

	2021		2020
Research and development	$	200	$	56
General and administrative		1,545		32
Total share-based compensation expense	$	1,745	$	88