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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Outstanding Stock Options

Total outstanding stock options as of June 30, 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			1,384,616			$	35.79				869,075			$	16.35
Exercised			(203,283	)		$	3.11				(266,687	)		$	1.83
Cancelled or forfeited			(55,451	)		$	25.08				(7,962	)		$	2.13
Outstanding at end of period			5,258,005			$	14.06				4,099,545			$	5.11

Schedule of Share-based Compensation Expense

Share-based compensation expense was allocated as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
		(in thousands)
Research and development		$	1,366			$	163			$	2,353			$	296
General and administrative		$	1,725				226				2,795				364
Total share-based compensation expense		$	3,091			$	389			$	5,148			$	660

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

The fair value of stock options, and the assumptions 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 June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Fair value of stock options		$	20.95			$	10.30			$	23.33			$	10.30
Risk-free interest rate			0.92	%			0.43	%			0.72	%			0.43	%
Expected terms (in years)			5.59				6.07				5.99				6.07
Expected volatility			76.44	%			71.99	%			75.59	%			71.99	%
Expected dividend yield			0.00	%			0.00	%			0.00	%			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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