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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2021 is set forth below:

		Number of Shares Available for Grant				Number of Shares Underlying Outstanding Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2020			1,739,621				3,706,945			$	10.90				7.98			$	15,126
Options authorized			2,287,089				—
Options granted			(1,911,472	)			1,911,472			$	15.04
Options exercised			—				(433,594	)		$	2.91
Options forfeited or cancelled			745,006				(745,006	)		$	14.26
Outstanding, June 30, 2021			2,860,244				4,439,817			$	12.90				8.20			$	4,948
Shares exercisable, June 30, 2021							1,288,596			$	8.43				5.20			$	4,522
Vested and expected to vest, June 30, 2021							4,439,817			$	12.90				8.20			$	4,948

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense recognized was as follows (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Research and development		$	825			$	88			$	2,413			$	174
General and administrative			1,834				263				3,289				476
Total stock-based compensation		$	2,659			$	351			$	5,702			$	650

Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model

The assumptions used in the Black Scholes Model to calculate stock-based compensations are as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
		2021		2020		2021		2020
Fair value of common stock		$10.29 - $15.93		N/A		$10.29 - $16.82		$1.48
Expected term (years)		0.9 - 6.1		N/A		0.9 - 6.1		6.1 - 6.8
Volatility		77.9% - 78.6%		N/A		77.9% - 79.8%		80.3% - 82.6%
Risk free rates		0.1% - 1.1%		N/A		0.1% - 1.1%		0.4% - 0.5%
Dividend rate		0.0%		N/A		0.0%		0.0%

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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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