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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Stock-Based Compensation

Summary of stock option activity

		Options Outstanding and Exercisable
							Weighted
				Weighted			Average		Aggregate
				Average			Remaining		Intrinsic
		Number of		Exercise			Contractual		Value(1)
		Shares		Price			Life (Years)		(in thousands)
Outstanding as of December 31, 2020		3,112,376		$	16.95		8.2		$	10,810
Granted		1,313,150		$	12.49
Exercised		(35,615)		$	1.78
Forfeited		(49,776)		$	29.26
Outstanding as of March 31, 2021		4,340,135		$	15.59		8.6		$	8,779
Vested and expected to vest as of March 31, 2021		4,340,135		$	15.59		8.6		$	8,779
Exercisable as of March 31, 2021		1,521,940		$	10.77		8.4		$	6,689

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at March 31, 2021 and December 31, 2020.

Summary of stock based compensation expense recorded

		Three Months Ended
		March 31,
(in thousands)		2021			2020
Research and development		$	958		$	452
General and administrative			1,550			556
Total stock-based compensation expense		$	2,508		$	1,008

Summary of assumptions used in the Black Scholes option pricing model for stock options granted

		Three Months Ended
		March 31,
		2021		2020
Expected term		6.1	years	6.1	years
Expected volatility		79.7	%	69.7	%
Risk free interest rate		0.8 - 1.4	%	0.6 - 1.0	%
Expected dividend yield		—	%	—	%

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