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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Outstanding Stock Options

Total outstanding stock options as of March 31, 2021 and 2020 were as follows:

		2021								2020
		Number of shares				Weighted average exercise price				Number of shares				Weighted average exercise price
Outstanding at beginning of period			4,132,123			$	6.39				3,505,119			$	2.07
Granted			1,141,726			$	36.50				—			$	—
Exercised			(87,786	)		$	2.09				(181,318	)		$	1.79
Cancelled or forfeited			(10,828	)		$	8.78				—			$	—
Outstanding at end of period			5,175,235			$	13.10				3,323,801			$	2.09

Schedule of Share-based Compensation Expense

Share-based compensation expense was allocated as follows:

		Three Months Ended March 31,
		2021				2020
		(in thousands)
Research and development		$	987			$	133
General and administrative			1,070				138
Total share-based compensation expense		$	2,057			$	271

Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model

The grant date fair value of stock options granted during the three-months ended March 31, 2021 was $23.83 per option. The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis:

		Three Months Ended March 31,
		2021				2020
Risk-free interest rate			0.67	%			—
Expected terms (in years)			6.08				—
Expected volatility			75.41	%			—
Expected dividend yield			0.00	%			—

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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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