Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares			Weighted- Average Exercise
				(in dollars)
Outstanding as of December 31, 2021		2,772,154		$	7.90
Options granted		2,035,186			14.77
Options exercised		(7,652	)		2.26
Options cancelled		(14,985	)		17.06
Outstanding as of March 31, 2022		4,784,703		$	10.80

Summary of Fair Value of Stock Option Awards

The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

	Three Months Ended March 31,
	2022	2021
Expected term (in years)	6.0 – 6.1	6.0 – 6.1
Expected volatility	97%	183%
Risk-free interest rate	1.6% – 2.1%	0.6% – 1.0%
Expected dividend yield	—%	—%

Summary of Restricted Stock Activity

The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan.

	Shares			Weighted Average Grant Date Fair Value per Share
				(in dollars)
Unvested as of December 31, 2021		—		$	—
Granted		76,156		$	15.19
Vested		—		$	—
Forfeited		(247	)	$	15.19
Unvested as of March 31, 2022		75,909		$	15.19

Summary of Stock-based Compensation

The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss:

	Three Months Ended March 31,
	2022		2021
	(In thousands)
Research and development	$	996	$	154
General and administrative		1,098		278
Total stock-based compensation	$	2,094	$	432