Convertible Preferred Stock and Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Summary of Unvested Shares and Unvested Stock Liability

A summary of the Company’s unvested shares and unvested stock liability is as follows (in thousands, except share data):

	Number of Unvested Shares			Unvested Stock Liability
Balance at December 31, 2019		197,549			109
Repurchased shares		(4,269	)		(2	)
Vested shares		(145,360	)		(73	)
Balance at September 30, 2020		47,920		$	34

Summary of Stock Option Activity

A summary of the Company’s stock option activity is as follows (in thousands, except share and per share data):

	Number of Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value
Balance at December 31, 2019		1,684,630		$	2.47		8.73	$	911
Granted		1,812,016		$	7.20
Cancelled		(109,835	)	$	5.14
Exercised		(54,266	)	$	1.27
Balance at September 30, 2020		3,332,545		$	4.98		8.85	$	17,525
Vested and expected to vest at September 30, 2020		3,332,545		$	4.98		8.85	$	17,525

Summary of Fair Value of Stock Option Grants

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

	Nine Months Ended September 30,
	2020			2019
Risk-free interest rate	0.4% – 0.7%			1.8% –1.9%
Expected volatility	82.4% – 94.8%			72.6% – 81.0%
Expected term (in years)	5.8 – 10.0			5.1 – 6.1
Expected dividend yield		0.0	%		0.0	%

Summary of Stock-Based Compensation Expense Recognized

Stock-based compensation expense recognized for all equity awards has been reported in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	342	$	211	$	839	$	620
General and administrative		1,449		273		2,312		822
	$	1,791	$	484	$	3,151	$	1,442

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	September 30,		December 31,
	2020		2019
Conversion of preferred stock		—		16,685,014
Common stock warrant		23,122		—
Preferred stock warrant		—		23,122
Common stock options outstanding		3,332,545		1,684,630
Shares available for issuance under the 2020 Plan		2,759,799		616,423
		6,115,466		19,009,189