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Common Stock and Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Schedule of Common Stock Shares Reserved for Issuance | As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:
|  | March 31, 2021 |  |  | December 31, 2020 |
Conversion of outstanding shares of convertible preferred stock |  |  | — |  |  |  | 16,079,230 |
Options outstanding under incentive award plans |  |  | 2,544,778 |  |  |  | 2,466,670 |
Shares available for future grant under incentive award plans |  |  | 2,327,433 |  |  |  | 17,556 |
Shares available for future grant under employee stock purchase plans |  |  | 240,000 |  |  |  | — |
Total shares reserved |  |  | 5,112,211 |  |  |  | 18,563,456 |
Summary of Stock Option Activity | The following table summarizes the stock option activity for all stock plans during the quarter ended March 31, 2021:
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Outstanding as of December 31, 2020 |  |  | 2,466,670 |  |  | $ | 8.03 |  |  |  | 9.61 |  |  | $ | 21,678 |
Granted |  |  | 106,000 |  |  |  | 20.12 |  |  |  |  |  |  |  | — |
Forfeited |  |  | (27,892 | ) |  |  | 7.18 |  |  |  |  |  |  |  | — |
Outstanding as of March 31, 2021 |  |  | 2,544,778 |  |  | $ | 8.57 |  |  |  | 8.64 |  |  | $ | 33,976 |
Exercisable, March 31, 2021 |  |  | 2,009,995 |  |  | $ | 8.16 |  |  |  | 8.67 |  |  | $ | 27,742 |
Vested and expected to vest, March 31, 2021 |  |  | 2,544,778 |  |  | $ | 8.57 |  |  |  | 8.64 |  |  | $ | 33,976 |
Schedule of Stock Options Weighted Average Assumptions | The Company estimated the fair value of options granted using a Black-Scholes option pricing model with the following assumptions presented on a weighted average basis:
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Expected option life |  |  | 5.95 |  |  |  | 5.88 |
Expected volatility |  |  | 66.70 | % |  |  | 59.95 | %
Risk-free interest rate |  |  | 0.76 | % |  |  | 0.58 | %
Expected dividend yield |  |  | — | % |  |  | — | %
Fair value of underlying common stock |  | $ | 20.13 |  |  | $ | 9.24 |
Fair value of option |  | $ | 11.94 |  |  | $ | 5.67 |
Summary of Restricted Stock Award Activity | The following table summarizes the stock award activity for all stock plans during the quarter ended March 31, 2021:
|  | Number of Shares |  |  | Grant-Date Fair Value |
Unvested restricted common stock as of December 31, 2020 |  |  | 83,334 |  |  | $ | 1.96 |
Forfeited |  |  | (11,905 | ) |  |  | 1.96 |
Unvested restricted common stock as of March 31, 2021 |  |  | 71,429 |  |  | $ | 1.96 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2021 |  |  | 2020 |
Research and development expense |  | $ | 482 |  |  | $ | 78 |
General and administrative expense |  |  | 1,350 |  |  |  | 124 |
Total stock-based compensation expense |  | $ | 1,832 |  |  | $ | 202 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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