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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Research and development expense		$	2,079			$	73			$	4,004				104
General and administrative expense			2,651				55			$	5,011				71
Total stock-based compensation expense		$	4,730			$	128			$	9,015				175

Summary of Activity Related to Stock Option Grants

A summary of the Company’s stock option activity for the six months ended June 30, 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			328,873				39.02
Exercised			(165,331	)			2.86								4,634
Cancelled			(12,604	)			13.81
Balance at June 30, 2021			6,467,507				12.56				9.04				121,425
Vested at June 30, 2021			1,156,286				8.00				8.60				26,546

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:

		Six Months Ended June 30,			Six Months Ended June 30,
		2021			2020
Expected term (in years)			5.9			6.0
Expected volatility			81	%		80	%
Risk-free interest rate			0.97	%		0.51	%
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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