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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Share-Based Compensation

The Company recorded share-based compensation for the periods indicated as follows (in thousands):

		Three Months Ended
		March 31,
		2020				2019
Research and development		$	192			$	7
General and administrative			301				28
Total share-based compensation		$	493			$	35

Summary of Estimated Fair Value of Option Awards Granted Using Black-Scholes Option-Pricing Model

The fair value of option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

		Three Months Ended
		March 31,
		2020				2019
Stock Options
Expected term (years)		6.00-6.11					6.11
Expected volatility		86.4-87.5			%		61.8		%
Risk-free interest rate		0.5-1.5			%	2.5-2.6			%
Expected dividend			—				—

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2020:

										Weighted
						Weighted				Average
						Average				Remaining				Aggregate
		Number of				Exercise				Contractual				Intrinsic
		Options				Price				Term				Value
										(In years)				(In thousands)
Balance outstanding as of December 31, 2019			1,320,243			$	3.34				9.23			$	30,353
Granted			439,800				31.66
Exercised			(4,876	)			1.93
Cancelled			(40,482	)			2.87
Balance outstanding as of March 31, 2020			1,714,685				10.62				9.21			$	28,115
Exercisable as of March 31, 2020			299,571			$	2.00				8.69			$	6,850

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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.

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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.

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