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Stock-Based Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):

		Year Ended December 31,
		2020				2019
Research and development		$	229			$	26
General and administrative			1,584				218
Total		$	1,813			$	244

Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model

The fair value of each stock option granted to employees, directors and non-employees was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:

		Year Ended December 31,
		2020				2019
Risk-free interest rate			0.6	%			2.2	%
Expected dividend yield			—	%			—	%
Expected term (in years)			6.0				6.1
Expected volatility			80.7	%			76.8	%

Summary of Stock Option Activity Under Plans

A summary of the stock option activity under the Plans for the year ended December 31, 2020 was as follows:

		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2019			792,439			$	6.59				7.3			$	3,363
Granted			763,505				14.16
Exercised			(2,814	)			2.92
Cancelled			(124,244	)			9.30
Outstanding at December 31, 2020			1,428,886			$	10.41				7.7			$	5,165
Exercisable at December 31, 2020			626,578			$	9.30				6.0			$	3,099
Vested and expected to vest at December 31, 2020			1,428,886			$	10.41				7.7			$	5,165

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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.

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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.

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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.

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