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Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense by Classification

Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Research and development		$	2,673			$	1,965			$	12,615			$	9,033
General and administrative			10,369				7,783				28,408				11,257
Total stock-based compensation expense		$	13,042			$	9,748			$	41,023			$	20,290

Summary of RSA Activity

A summary of the Company’s RSAs activity was as follows:

		Number of Shares				Weighted-Average Value at Grant Date Per Share
Unvested shares as of December 31, 2020			7,562,503			$	0.0001
Vested			(3,968,751	)		$	0.0001
Forfeited			(18,750	)		$	0.0001
Unvested shares as of September 30, 2021			3,575,002			$	0.0001

Summary of Stock Option Activity

A summary of the Company’s stock option activity was as follows:

		Number of Stock Options				Weighted- Average Exercise Price Per Share				Weighted- Average Remaining Contractual Life  (in years)				Aggregate Intrinsic Value (in thousands)
Options outstanding as of December 31, 2020			34,413,889			$	3.33
Granted			12,521,501			$	9.00
Exercised			(776,449	)		$	2.63
Canceled or forfeited			(2,597,874	)		$	4.00
Options outstanding as of September 30, 2021			43,561,067			$	4.93				7.97			$	432,916
Options exercisable as of September 30, 2021			24,397,665			$	3.29				7.17			$	280,840

Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted

The fair value of stock options granted to employees, directors and consultants was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted-average assumptions:

		Nine Months Ended September 30,
		2021		2020
Risk-free interest rate		0.79%		0.99%
Expected volatility		79%		75%
Expected term (in years)		6.10		6.25
Expected dividend yield		0%		0%

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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