Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of the Company's Stock Option Plan Activity

Following is a summary of the Company’s stock option plan activity and related information for the year ended December 31, 2020:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Intrinsic Value (thousands)
Balance at January 1, 2020		3,611,030		$	8.58		8.65
Options Granted		1,510,762			13.36
Exercised		(219,425	)		1.02
Cancelled		(163,760	)		11.76
Balance at December 31, 2020		4,738,607		$	10.34		8.34	$	10,017
Options Vested & Expected to Vest as of December    31, 2020		4,738,607		$	10.34		8.34	$	10,017
Options Exercisable as of December 31, 2020		1,886,521		$	7.56		6.84	$	8,226

Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations (in thousands):

	Year Ended December 31,
	2020		2019
Research and development	$	3,872	$	1,703
General and administrative		3,348		1,347
Total stock-based compensation	$	7,220	$	3,050

Schedule of Assumptions Used to Determine the Fair Value of Options Granted

The assumptions that the Company used to determine the fair value of options granted to employees, non-employees and directors were as follows:

	Year Ended December 31,
	2020		2019
Risk-free interest rate	0.4%-1.4%		1.6%-2.6%
Expected volatility	79-86%		80-87%
Expected term (years)	5.5-6		4-6
Dividend Yield		—		—