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Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Equity-Based Compensation

Summary of allocation of equity-based compensation

The Company recorded equity-based compensation expense related to all equity-based awards for employees and nonemployees, which was allocated as follows in the consolidated statements of operations (in thousands):

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2019			2018			2019			2018
Research and development expense		$	638		$	542		$	1,217		$	786
General and administrative expense			1,176			548			2,215			785
		$	1,814		$	1,090		$	3,432		$	1,571

Summary of restricted common stock activity

				Weighted
				Average Fair
				Value per Share
		Number of Shares		at Issuance
Restricted common stock as of December 31, 2018		664,174		$	5.77
Granted		—		$	—
Vested		(181,274)		$	5.77
Forfeited		(2,237)		$	5.77
Restricted common stock as of June 30, 2019		480,663		$	5.77

Summary of stock option activity

							Weighted
				Weighted			Average
		Number of		Average			Remaining		Aggregate
		Shares		Exercise Price			Contractual Term		Intrinsic Value
							(in years)		(in thousands)
Outstanding as of December 31, 2018		1,627,947		$	10.86		9.26		$	19,831
Granted		843,235			16.11
Exercised		(14,866)			6.23
Cancelled		(32,755)			13.91
Outstanding as of June 30, 2019		2,423,561			12.68		9.08		$	10,568
Options exercisable as of June 30, 2019		489,347		$	10.40		8.74		$	2,994

Schedule of fair value assumptions

Risk-free interest rate	2.46	%
Expected dividend yield	0.0	%
Expected term (years to liquidity)	6.19
Expected volatility	80.40	%

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