Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Fair Value of The Incentive Shares Estimated Using An Option Pricing Model

The fair value of the incentive shares was estimated using an option pricing model with the following assumptions:

	Nine Months Ended September 30,
	2021
Common share fair value	$6.36 - $8.89
Participating threshold	$6.36 - $7.51
Risk free rate	0.14%
Volatility	72.90%
Time to liquidity (in years)	0.20 - 1.80
Grant date fair value	$4.24 - $4.52

Summary of The Unvested Common Stock

The following table provides a summary of the unvested common stock awards activity during the nine months ended September 30, 2022.

	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested common stock as of December 31, 2021		3,753,862		$	16.00
Vested		(1,341,702	)	$	16.00
Forfeiture		(171,458	)	$	16.00
Unvested common stock as of September 30, 2022		2,240,702		$	16.00

Summary of Stock Option Activity Under The 2021 Plan

The following table provides a summary of stock option activity under the 2021 Plan during the nine months ended September 30, 2022.

	Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		5,071,896		$	16.90
Granted		2,868,380		$	14.81
Exercised		(130,899	)	$	15.95
Forfeiture		(361,569	)	$	15.09
Outstanding at September 30, 2022		7,447,808		$	16.20		8.8	$	31,456
Exercisable at September 30, 2022		1,927,895		$	16.35		8.3	$	7,637

Summary of Restricted Stock Units Activity Under the 2021 Plan

The following table provides a summary of restricted stock units activity under the 2021 Plan during the nine months ended September 30, 2022:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2021		96,890		$	22.93
Granted		417,995		$	14.57
Vested		(51,030	)	$	15.23
Forfeiture		(28,285	)	$	14.11
Unvested restricted stock units at September 30, 2022		435,570		$	16.38

Schedule of fair value of our common stock to be issued under the ESPP

The fair value of our common stock to be issued under the ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2022	2021		2022	2021
Expected term (in years)	0.50		—	0.50		—
Expected volatility	58.49%		—	58.49%		—
Risk-free interest rate	1.54%		—	1.54%		—
Expected dividend yield	—		—	—		—

Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Performance Stock Option Granted

The Company used the Black-Scholes option pricing model to estimate the fair value of the PSO awards granted with the following assumptions:

	Nine Months Ended September 30,
	2022	2021
Expected term (in years)	2.92 - 3.42		—
Expected volatility	72.72% - 72.98%		—
Risk-free interest rate	3.37%		—
Expected dividend yield	—		—

Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss

Share/stock-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development expense	$	2,020	$	1,489	$	6,242	$	2,321
General and administrative expense		6,556		3,660		14,167		5,903
Total share-based compensation expense	$	8,576	$	5,149	$	20,409	$	8,224