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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Stock-Based Compensation

Schedule of fair value assumptions

​

​	​	​	​	​	​	​
​	​	September 30,		​	September 30,
​	​	2021		​	2020
Risk-free interest rate		​	0.63%		​	*
Expected term (in years)	​	​	5.98	​	​	*
Expected volatility	​	​	77.07%	​	​	*
Expected dividend yield			—	​	​	*

Schedule of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted	​	​	​
​	​	​	​	Weighted		​	Average	​	​	​
​	​	​	​	Average		​	Remaining	​	​	​
​	​	Number of	​	Exercise		​	Contractual	​	Aggregate
​	​	Shares	​	Price		​	Term	​	Intrinsic Value
​	​	​	​	​		​	(in years)	​	(in thousands)
Outstanding as of December 31, 2020		4,776,908		$	10.83		9.67		$	177,962
Granted	​	1,031,733	​	​	35.88	​	9.31	​	​	—
Exercised(1)	​	(156,385)	​	​	3.38	​	—	​	​	—
Forfeited	​	(87,668)	​	​	22.39	​	—	​	​	—
Outstanding as of September 30, 2021(2)	​	5,564,588	​	$	15.50	​	9.03	​	$	71,759
​	​	​	​	​	​	​	​	​	​	​
Options vested and exercisable as of September 30, 2021	​	1,053,721	​	$	7.38	​	8.57	​	$	21,315
Options expected to vest as of September 30, 2021	​	4,510,867	​	$	17.39	​	9.14	​	$	54,999

​

(1) Exercised amount includes vesting of early exercised options.

(2) Balance as of September 30, 2021 includes 53,588 unvested early exercised stock options.

Summary of restricted stock activity

​

​	​	​	​	​	​	​
​	​	​	Number of Shares	​	Grant Date Fair Value
Unvested restricted stock as of December 31, 2020		​	735,294		$	2.40
Granted	​	​	—	​	​	—
Vested	​	​	(192,790)	​	​	2.40
Forfeited	​	​	—	​	​	—
Unvested restricted stock as of September 30, 2021		​	542,504	​	$	2.40

Schedule of stock-based compensation expense

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
​	​	2021		​	2020		​	2021		​	2020
Research and development		$	2,405		$	392		$	6,427		$	495
General and administrative			1,752	​	​	190			4,859	​	​	241
Total		$	4,157	​	$	582		$	11,286	​	$	736

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