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Stock-based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity Stock option activity under the 2019 Equity Incentive Plan (the “2019 Plan”) is set forth below for the nine months ended September 30, 2021:

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Shares

 

 

Price Per

 

 

Term

 

 

Value

 

 

 

Outstanding

 

 

Share

 

 

(Years)

 

 

(in thousands)

 

Balances at December 31, 2020

 

 

1,481,100

 

 

$

16.13

 

 

 

8.36

 

 

$

11,123

 

Stock options authorized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options granted

 

 

726,195

 

 

 

20.56

 

 

 

 

 

 

 

 

 

Stock options exercised

 

 

(104,104

)

 

 

10.19

 

 

 

 

 

 

 

 

 

Stock options forfeited

 

 

(120,893

)

 

 

21.07

 

 

 

 

 

 

 

 

 

Balances at September 30, 2021

 

 

1,982,298

 

 

$

17.77

 

 

8.22

 

 

$

28,364

 

 

Summary of RSU Activity

Restricted stock unit (“RSU”) activity under the 2019 Plan is set forth below for the nine months ended September 30, 2021:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

 

 

Outstanding

 

 

Per Share

 

Balances at December 31, 2020

 

 

56,500

 

 

$

44.66

 

RSUs granted

 

 

 

 

 

 

RSUs vested and settled

 

 

(14,125

)

 

 

44.66

 

RSUs forfeited

 

 

(1,875

)

 

 

44.66

 

Balances at September 30, 2021

 

 

40,500

 

 

$

44.66

 

 

Summary of Stock-based Compensation Expense

Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the employee stock purchase plan was as follows (in thousands):

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development

 

$

1,207

 

 

$

1,125

 

 

$

4,308

 

 

$

3,450

 

General and administrative

 

 

1,084

 

 

 

880

 

 

 

3,558

 

 

 

2,678

 

Total stock-based compensation expense

 

$

2,291

 

 

$

2,005

 

 

$

7,866

 

 

$

6,128