Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

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, 2020		36,492		$	27
Vested shares		(11,207	)		(8	)
Balance at March 31, 2021		25,285		$	19

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, 2020		3,136,076		$	5.23		7.95	$	8,963
Granted		783,405		$	10.00
Exercised		(228,678	)	$	2.73
Cancelled		(1,838	)	$	3.01
Balance at March 31, 2021		3,688,965		$	6.40		8.46	$	4,132
Vested and expected to vest at March 31, 2021		3,688,965		$	6.40		8.46	$	4,132
Exercisable at March 31, 2021		871,203		$	2.60		6.26	$	3,152

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:

	Three Months Ended March 31,
	2021		2020
Risk-free interest rate	0.6% - 1.0%		0.6% – 0.7%
Expected volatility	88.7% - 89.5%		82.4% – 84.0%
Expected term (in years)	5.8 – 6.07		5.8 – 10.0
Expected dividend yield		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 March 31,
	2021		2020
General and administrative	$	1,026	$	285
Research and development		494		218
Total stock-based compensation	$	1,520	$	503

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	March 31,		December 31,
	2021		2020
Common stock options outstanding		3,688,965		3,136,076
Shares available for issuance under equity incentive plans		3,166,412		2,907,742
Shares available for issuance under the ESPP		665,059		405,000
Common stock warrant		23,122		23,122
Total		7,543,558		6,471,940