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Equity Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Summary of Estimated Fair Value of Employee Stock Options | We estimated the fair value of employee stock options using the Black-Scholes option-pricing model for the years ended December 31, 2021, 2020 and 2019 using the following weighted-average assumptions:
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Fair Value Assumptions |  |  |  |  |  |
Expected volatility |  | 81.0% - 84.1% |  | 81.2% - 94.1% |  | 78.4% - 80.4%
Expected dividend yield |  | 0% |  | 0% |  | 0%
Expected term (in years) |  | 5.3 - 5.5 |  | 5.6 - 6.1 |  | 5.9 - 6.1
Risk-free interest rate |  | 0.5% - 1.3% |  | 0.3% - 1.4% |  | 1.6% - 2.4%
2020 Plan and 2014 Plan |
Summary of Activity Under Stock Option Plans | Activity under our 2020 Plan and 2014 Plan, which excludes options to purchase 62,382 shares granted outside of the 2020 Plan and 2014 Plan, was as follows:
|  |  |  |  | Options Outstanding |
Stock Option Activity |  | Options Available for Grant |  |  | Number of Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Balances — December 31, 2019 |  |  | 835,941 |  |  |  | 3,297,586 |  |  | $ | 1.93 |  |  |  |  |  |  |
Additional shares authorized |  |  | 5,997,435 |  |  |  | — |  |  |  |  |  |  |  |  |  |
Options granted |  |  | (2,255,690 | ) |  |  | 2,255,690 |  |  | $ | 8.93 |  |  |  |  |  |  |
Options exercised |  |  | — |  |  |  | (358,264 | ) |  | $ | 1.88 |  |  |  |  |  |  |
Options forfeited |  |  | 73,463 |  |  |  | (73,463 | ) |  | $ | 3.50 |  |  |  |  |  |  |
Balances — December 31, 2020 |  |  | 4,651,149 |  |  |  | 5,121,549 |  |  | $ | 4.99 |  |  |  |  |  |  |
Additional shares authorized |  |  | 2,553,579 |  |  |  | — |  |  |  |  |  |  |  |  |  |
Options granted |  |  | (1,616,021 | ) |  |  | 1,616,021 |  |  | $ | 21.83 |  |  |  |  |  |  |
Options exercised |  |  | — |  |  |  | (926,514 | ) |  | $ | 3.25 |  |  |  |  |  |  |
Options forfeited |  |  | 516,049 |  |  |  | (516,049 | ) |  | $ | 16.70 |  |  |  |  |  |  |
Balances — December 31, 2021 |  |  | 6,104,756 |  |  |  | 5,295,007 |  |  | $ | 9.30 |  |  |  | 7.89 |  |  | $ | 78,604 |
Vested and expected to vest — December 31, 2021 |  |  |  |  |  | 5,295,007 |  |  | $ | 9.30 |  |  |  | 7.89 |  |  | $ | 78,604 |
Exercisable at December 31, 2021 |  |  |  |  |  | 2,611,523 |  |  | $ | 4.76 |  |  |  | 7.07 |  |  | $ | 50,123 |
2020 Employee Stock Purchase Plan |
Summary of Estimated Fair Value of Shares Under Employee Stock Purchase Plan | We estimated the fair value of shares under the 2020 ESPP using the Black-Scholes option-pricing model for the years ended December 31, 2021, 2020 and 2019 using the following weighted-average assumptions:
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Fair Value Assumptions |  |  |  |  |  |
Expected volatility |  | 79.6% - 126.3% |  | 105.8% - 158.2% |  | N/A
Expected dividend yield |  | 0% |  | 0% |  | N/A
Expected term (in years) |  | 0.5 - 2.0 |  | 0.4 - 2.0 |  | N/A
Risk-free interest rate |  | 0.0% - 0.5% |  | 0.1% - 0.2% |  | N/A
2014 Plan, 2020 Plan and 2020 ESPP |
Summary of Stock-based Compensation Expense | We recorded total stock-based compensation expense for the years ended December 31, 2021, 2020 and 2019 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the statements of operations and allocated the amounts as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (In thousands) |
Research and development |  | $ | 3,954 |  |  | $ | 1,861 |  |  | $ | 368 |
General and administrative |  |  | 6,775 |  |  |  | 3,573 |  |  |  | 817 |
Total |  | $ | 10,729 |  |  | $ | 5,434 |  |  | $ | 1,185 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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