Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

The Company had reserved common stock for future issuance as follows:

	September 30, 2020		December 31, 2019
Conversion of redeemable convertible preferred stock (as converted to common stock)		—		12,048,671
Conversion of additional authorized and unissued redeemable convertible preferred stock		—		51,506
Stock options available for future grant		2,098,174		653,136
Stock options issued and outstanding		3,269,399		1,860,646
Redeemable convertible preferred stock warrants issued and outstanding		—		220,890
Common stock warrants issued and outstanding		226,191		—
Total		5,593,764		14,834,849

A summary of stock option activity for the nine months ended September 30, 2020 is set forth below:

	Ongoing Awards
	Number of Shares Available for Grant			Number of Shares Underlying Outstanding Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2019		653,136			1,860,646		$	4.05		8.53	$	5,812
Assumed as part of the Merger		2,707,144			81,370		$	8.39
Options granted		(1,517,446	)		1,713,344		$	16.06
Options exercised		—			(123,141	)	$	1.57
Options forfeited or cancelled		255,340			(262,820	)	$	4.80
Outstanding, September 30, 2020		2,098,174			3,269,399		$	10.49		7.73		11,780
Shares exercisable, September 30, 2020					1,195,101		$	4.20		4.95		9,246
Vested and expected to vest, September 30, 2020					3,269,399		$	10.49		7.73		11,780

Total stock-based compensation expense recognized was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	951	$	54	$	1,125	$	191
General and administrative		2,015		337		2,491		674
Total stock-based compensation	$	2,966	$	391	$	3,616	$	865