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Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Schedule of members' deficit | The statement of members' deficit for the three months ended March 31, 2020 is as follows (in thousands, except unit amounts):
|  | Class C Preferred Units |  |  | Class A Units |  |  | Additional Paid-in |  |  | Accumulated |  |  | Noncontrolling |  |  | Total Members’ |
|  | Units |  |  | Amount |  |  | Units |  |  | Amount |  |  | Capital |  |  | Deficit |  |  | Interest |  |  | Deficit |
Balance at December 31, 2019 |  |  | 23,968,178 |  |  | $ | 89,345 |  |  |  | 54,600,000 |  |  | $ | 750 |  |  | $ | 2,295 |  |  | $ | (148,354 | ) |  | $ | (47 | ) |  | $ | (56,011 | )
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,604 | ) |  |  | — |  |  |  | (1,604 | )
Balance at March 31, 2020 |  |  | 23,968,178 |  |  | $ | 89,345 |  |  |  | 54,600,000 |  |  | $ | 750 |  |  | $ | 2,295 |  |  | $ | (149,958 | ) |  | $ | (47 | ) |  | $ | (57,615 | )
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense for the three months ended March 31, 2021 has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | Three Months Ended March 31, 2021 |
Research and development |  | $ | 954 |
General and administrative |  |  | 3,689 |
Total |  | $ | 4,643 |
Summary of Restricted Stock Units | The following table summarizes RSU activity under the 2020 Plan for the three months ended March 31, 2021:
|  | Number of Shares |  |  | Weighted - Average Grant Date Fair Value |
Outstanding at December 31, 2020 |  |  | 1,920,037 |  |  | $ | 18.00 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Outstanding at March 31, 2021 |  |  | 1,920,037 |  |  | $ | 18.00 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the 2020 Plan for the three months ended March 31, 2021 (in thousands, except share and per share data and years):
|  | Number of Options |  |  | Weighted - Average Exercise Price Per Share |  |  | Weighted -Average Remaining Contractual Term (In Years) |  |  | Aggregate Intrinsic Value |
Balance at December 31, 2020 |  |  | 615,106 |  |  | $ | 18.00 |  |  |  | 9.95 |  |  | $ | 9,848 |
Granted |  |  | 26,000 |  |  | $ | 46.39 |  |  |  |  |  |  |
Balance at March 31, 2021 |  |  | 641,106 |  |  | $ | 19.15 |  |  | 9.60 |  |  | $ | 20,316 |
Vested and expected to vest at March 31, 2021 |  |  | 641,106 |  |  | $ | 19.15 |  |  | 9.60 |  |  | $ | 20,316 |
Exercisable at March 31, 2021 |  |  | - |  |  | $ | — |  |  |  |  |  | $ | — |
Summary of Assumptions Used in Black-Scholes Model | The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants, including the impact of modified awards, were as follows:
|  | Three Months Ended March 31, 2021
Expected volatility |  | 76.40%
Risk-free interest rate |  | 0.52%
Expected dividend yield |  | 0.0%
Expected term |  | 4.77 years
Schedule of Common Stock Warrants | As of March 31, 2021 all the common stock warrants below are exercisable and expire as follows:
Outstanding and Exercisable |  |  | Exercise Price per Share |  |  | Expiration Date
| 566,586 |  |  | $ | 88.25 |  |  | December 17, 2021
| 151,088 |  |  | $ | 132.37 |  |  | March 12, 2022
| 717,674 |  |  |  |  |  |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance are as follows in common equivalent shares:
|  | March 31, 2021 |  |  | December 31, 2020 |
Warrants for the purchase of common stock |  |  | 717,674 |  |  |  | 717,674 |
Common stock options and restricted stock units issued and outstanding |  |  | 2,561,143 |  |  |  | 2,535,143 |
Awards available for future issuance under the 2020 Plan |  |  | 3,665,397 |  |  |  | 2,404,535 |
Awards available for future issuance under the ESPP |  |  | 833,993 |  |  |  | 464,829 |
Total common stock reserved for future issuance |  |  | 7,778,207 |  |  |  | 6,122,181 |

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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=115993241&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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + 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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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644 + Details
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