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,
	2021		2020		2021		2020
Research and development	$	620	$	159	$	1,542	$	350
General and administrative	724		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, 2021	2,742,022	$7.95	8.82
Granted	235,704
Exercised	(460,692)
Forfeited	(25,847)
Balance at September 30, 2021	2,491,187	$10.51	8.18
Vested and expected to vest	2,458,242	$10.41	8.17
Exercisable at the end of the period	1,186,961	$4.32	7.66

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 - years	6.08
Expected volatility	81.35%
Risk-free interest rate	0.98%
Expected dividends	—
2020 ESPP
Expected term - years	0.50
Expected volatility	81.08%
Risk-free interest rate	0.68%
Expected dividends	—

Schedule of restricted stock activity

	Awards
Outstanding at December 31, 2020	11,752
Vested	(11,752)
Outstanding at September 30, 2021	—