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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
The Company recorded stock-based compensation expense in the following expense categories of its accompanying unaudited interim statements of operations and comprehensive loss (amounts in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Research and development$620 $159 $1,542 $350 
General and administrative724 153 2,709 279 
Total stock-based compensation$1,344 $312 $4,251 $629 
Schedule of option activity
The following table summarizes option activity under the 2020 Plan and the 2016 Stock Incentive Plan:
Options
Weighted
Average
Exercise
Price
Weighted Average
Remaining
Contract Life
(Years)
Balance at January 1, 20212,742,022 $7.958.82
Granted235,704 
Exercised(460,692)
Forfeited(25,847)
Balance at September 30, 20212,491,187 $10.518.18
Vested and expected to vest 2,458,242 $10.418.17
Exercisable at the end of the period1,186,961 $4.327.66
Schedule of valuation assumptions
The grant date fair value of options granted under the Company’s 2020 Plan and shares issued under the Company’s 2020 ESPP were estimated throughout the nine months ended September 30, 2021 using the Black-Scholes option-pricing model using the following weighted-average assumptions:
2020 Plan
Expected term - years6.08
Expected volatility81.35%
Risk-free interest rate0.98%
Expected dividends—
2020 ESPP
Expected term - years0.50
Expected volatility81.08%
Risk-free interest rate0.68%
Expected dividends—
Schedule of restricted stock activity
Awards
Outstanding at December 31, 202011,752
Vested(11,752)
Outstanding at September 30, 2021—