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Equity Incentive Plans and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Option Activity

The following table summarizes the option activity for the nine months ended September 30, 2021:

		Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020			3,996,174			$	9.03				8.5			$	99,107
Granted			1,534,842				27.42
Exercised			(61,768	)			2.86
Forfeited and cancelled			(209,302	)			21.20
Outstanding at September 30, 2021			5,259,946			$	13.99				8.2			$	47,735
Exercisable at September 30, 2021			2,149,552			$	6.34				7.3			$	31,542

Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
Options to purchase common stock		5,259,946				3,959,693				5,259,946				3,959,693
Total		5,259,946				3,959,693				5,259,946				3,959,693

Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions

The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Merton option pricing model with the following assumptions:

		Nine Months Ended September 30,
		2021		2020
Stock price		$16.61 - $35.67		$16.00 - $35.92
Risk-free interest rate		0.60% - 1.15%		3.17% - 4.45%
Expected volatility		82.88% - 88.43%		88.01% - 95.11%
Expected term (in years)		5.50 - 6.08		5.50 - 6.08
Expected dividend yield		0%		0%

Summary of Total Stock-based Compensation Expense

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for stock options for the periods presented (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
Research and development	$	1,250			$	592			$	3,608			$	1,406
General and administrative		2,147				1,089				5,746				2,183
Total stock-based compensation expense	$	3,397			$	1,681			$	9,354			$	3,589

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Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

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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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