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Share-Based Compensation (Tables)

12 Months Ended

Dec. 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):

		Year Ended December 31,
		2020				2019
Research and development		$	1,250			$	30
General and administrative			2,557				359
Total share-based compensation		$	3,807			$	389

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:

		Year Ended December 31,
		2020				2019
Expected term (years)		4.0-6.1				5.9-6.1
Contractual term (years)			10.0				10.0
Expected volatility		86.4-97.6%				61.8-87.6%
Risk-free interest rate		0.2-1.5%				1.6-2.6%
Expected dividend			—				—

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 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			682,000				29.78
Exercised			(63,366	)			4.29
Cancelled			(40,482	)			2.87
Balance outstanding as of December 31, 2020			1,898,395				12.79				8.60			$	25,918
Exercisable as of December 31, 2020			535,084			$	2.58				8.11			$	11,684

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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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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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