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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity

The following summarizes stock option activity:

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Options

 

 

Price

 

 

Term

 

 

Value

 

 

 

 

 

 

 

 

 

 

 

(In years)

 

 

(In thousands)

 

Outstanding—December 31, 2019

 

 

2,117,106

 

 

$

2.52

 

 

 

8.7

 

 

$

2,825

 

Granted

 

 

1,098,542

 

 

$

16.88

 

 

 

 

 

 

 

 

 

Exercised

 

 

(53,134

)

 

$

1.47

 

 

 

 

 

 

 

 

 

Forfeited and Canceled

 

 

(406,412

)

 

$

2.38

 

 

 

 

 

 

 

 

 

Outstanding—December 31, 2020

 

 

2,756,102

 

 

$

8.28

 

 

 

8.6

 

 

$

57,090

 

Options Exercisable—December 31, 2020

 

 

1,925,666

 

 

$

3.00

 

 

 

8.1

 

 

$

50,109

 

 

Schedule of Assumptions Using Black-Scholes to Estimate Fair Value of Each Awards The fair value of each award is estimated using Black-Scholes based on the following assumptions:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Expected term (years)

 

5.0-6.1

 

 

5.1-6.1

 

Expected volatility

 

85%

 

 

80%

 

Risk-free interest rate

 

0.25%-0.53%

 

 

1.8%-2.5%

 

Expected dividend

 

 

 

 

 

 

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense is classified as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Research and development

 

$

390

 

 

$

215

 

General and administrative

 

 

1,398

 

 

 

523

 

Total stock-based compensation expense

 

$

1,788

 

 

$

738