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Equity Incentive Plans (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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