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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Share-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):

		Three Months Ended March 31,
		2021				2020
Research and development expense		$	1,925			$	31
General and administrative expense			2,360				16
Total stock-based compensation expense		$	4,285			$	47

Summary of Activity Related to Stock Option Grants

A summary of the Company’s stock option activity for the three months ended March 31, 2021 is as follows (in thousands, except share and per share data and years):

		Stock Options Outstanding
		Shares Subject to Options Outstanding				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value
Balance at December 31, 2020			6,316,569			$	10.93				9.5			$	223,647
Granted			93,973			$	48.03
Exercised			(101,960	)		$	2.18							$	4,227
Cancelled			—			$	—
Balance at March 31, 2021			6,308,582			$	11.63				9.3			$	202,325
Vested at March 31, 2021			708,833			$	6.97				8.7			$	25,956

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The grant date fair value of stock options was estimated using a Black-Scholes option pricing model with the following weighted-average assumptions:

		Three Months Ended March 31, 2021
Expected term (in years)		6.0
Expected volatility		83%
Risk-free interest rate		0.72%
Expected dividend yield		—

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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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