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Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Summary of Assumptions of Fair Value of Option Pricing Granted

The fair value of the stock options granted during the three months ended September 30, 2021 was determined using the Black-Scholes option pricing model with the following assumptions:

		THREE MONTHS ENDED SEPTEMBER 30,
		2021
Expected volatility		87.76% - 87.87%
Expected term (years)		5.50 - 6.08
Risk free interest rate		0.79% - 0.97%
Expected dividend yield			—
Exercise price		12.80 -13.00

Summary of Nonvested Restricted Common Stock

A summary of the status of our nonvested restricted common stock at September 30, 2021 and changes during the nine months ended September 30, 2021 is as follows:

		Restricted Shares
Nonvested restricted stock at December 31, 2020			1,184,252
Shares granted			1,589,622
Shares vested			(365,520	)
Outstanding nonvested restricted stock at September 30, 2021			2,408,354

Summary of Equity-based Compensation

Share-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020 as follows:

		THREE MONTHS ENDED SEPTEMBER 30,								NINE MONTHS ENDED SEPTEMBER 30,
(in thousands)		2021				2020				2021				2020
Research and development		$	266			$	47			$	620			$	107
General and administrative			789				228				1,496				368
		$	1,055			$	275			$	2,116			$	475

Restricted Shares

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Summary of Assumptions of Fair Value of Restricted Common Shares Pricing Granted

The assumptions that went into the option pricing models for determining the fair value of Rallybio Holdings incentive units granted during the nine months ended September 30, 2021 and 2020, prior to the Liquidation of Rallybio Holdings are as follows and do not include the retrospective adjustments described in Note 2:

		NINE MONTHS ENDED SEPTEMBER 30,
		2021				2020
Expected volatility		71.7% - 99.5%					95.0	%
Expected term (years)		0.58 - 1.00					1.50
Risk free interest rate		0.04% - 0.10%					0.16	%
Expected dividend yield			—				—

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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