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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | The Company recorded stock-based compensation expense in the following expense categories of its accompanying unaudited interim statements of operations and comprehensive loss (amounts in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Research and development | $ | 620 |  |  | $ | 159 |  |  | $ | 1,542 |  |  | $ | 350 |
General and administrative | 724 |  |  | 153 |  |  | 2,709 |  |  | 279 |
Total stock-based compensation | $ | 1,344 |  |  | $ | 312 |  |  | $ | 4,251 |  |  | $ | 629 |
Schedule of option activity | The following table summarizes option activity under the 2020 Plan and the 2016 Stock Incentive Plan:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contract Life (Years)
Balance at January 1, 2021 | 2,742,022 |  |  | $7.95 |  | 8.82
Granted | 235,704 |  |  |  |  |
Exercised | (460,692) |  |  |  |  |
Forfeited | (25,847) |  |  |  |  |
Balance at September 30, 2021 | 2,491,187 |  |  | $10.51 |  | 8.18
Vested and expected to vest | 2,458,242 |  |  | $10.41 |  | 8.17
Exercisable at the end of the period | 1,186,961 |  |  | $4.32 |  | 7.66
Schedule of valuation assumptions | The grant date fair value of options granted under the Company’s 2020 Plan and shares issued under the Company’s 2020 ESPP were estimated throughout the nine months ended September 30, 2021 using the Black-Scholes option-pricing model using the following weighted-average assumptions:
2020 Plan |
Expected term - years | 6.08
Expected volatility | 81.35%
Risk-free interest rate | 0.98%
Expected dividends | —
2020 ESPP |
Expected term - years | 0.50
Expected volatility | 81.08%
Risk-free interest rate | 0.68%
Expected dividends | —
Schedule of restricted stock activity |
| Awards
Outstanding at December 31, 2020 | 11,752
Vested | (11,752)
Outstanding at September 30, 2021 | —

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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