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Stock Options (Tables)

9 Months Ended

Sep. 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 September 30,								Nine Months Ended September 30,
		2019				2018				2019				2018
Employee		$	2,328			$	292			$	5,905			$	690
Nonemployee			163				-				414				7
		$	2,491			$	292			$	6,319			$	697

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 September 30,								Nine Months Ended September 30,
		2019				2018				2019				2018
Research and development		$	1,615			$	224			$	4,131			$	502
General and administrative			876				68				2,188				195
		$	2,491			$	292			$	6,319			$	697

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

The Company granted 2,115,331 stock options for the nine months ended September 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 September 30,				Nine Months Ended September 30,
		2019				2019
Estimated dividend yield			0.00	%			0.00	%
Weighted-average expected stock price    volatility			68.13	%			68.16	%
Weighted-average risk-free interest rate			1.74	%			2.08	%
Expected life of options (in years)			6.81				6.60
Weighted-average fair value per option		$	7.57			$	8.20

Summary of Activity of Option Plans

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

		Outstanding Option Shares				Weighted- Average Exercise Price
Balance as of January 1, 2019			7,763,464			$	5.00
Granted			2,115,331				12.48
Exercised			(445,408	)			0.99
Forfeited/canceled			(385,757	)			10.46
Balance as of September 30, 2019			9,047,630				6.72

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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.

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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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