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Stock Options (Tables)

6 Months Ended

Jun. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-Based Compensation Expense

The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2019				2018				2019				2018
Employee		$	2,138			$	251			$	3,577			$	398
Nonemployee			141				4				251				7
		$	2,279			$	255			$	3,828			$	405

Schedule of Stock-Based Compensation Expense

Share-based compensation expense related to stock options is included in the following line items in the condensed consolidated statements of operations (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2019				2018				2019				2018
Research and development		$	1,510			$	176			$	2,516			$	278
General and administrative			769				79				1,312				127
		$	2,279			$	255			$	3,828			$	405

Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model

The Company granted 998,177 stock options for the six months ended June 30, 2019. The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
Estimated dividend yield			0.00	%			0.00	%
Weighted-average expected stock price    volatility			68.46	%			68.19	%
Weighted-average risk-free interest rate			2.42	%			2.45	%
Expected life of options (in years)			6.82				6.36
Weighted-average fair value per option		$	9.31			$	8.90

Summary of Activity of Option Plans

The following table summarizes activity in the Company’s stock option plans for the six months ended June 30, 2019:

		Outstanding Option Shares				Weighted- Average Exercise Price
Balance as of January 1, 2019			7,763,464			$	5.00
Granted			998,177				13.38
Exercised			(376,247	)			1.01
Forfeited/canceled			(279,912	)			9.80
Balance as of June 30, 2019			8,105,482				6.06

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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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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