Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Summary of Share-Based Compensation

The Company recorded share-based compensation for the periods indicated as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Research and development	$	359	$	34	$	848	$	54
General and administrative		795		78		1,709		169
Total share-based compensation	$	1,154	$	112	$	2,557	$	223

Summary of Estimated Fair Value of Option Awards Granted Using Black-Scholes Option-Pricing Model

The fair value of option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

	Nine Months Ended
	September 30,
	2020			2019
Stock Options
Expected term (years)	4.00-6.11			5.88-6.11
Expected volatility	86.4-93.7		%	61.8-72.5		%
Risk-free interest rate	0.2-1.5		%	1.6-2.6		%
Expected dividend		—			—

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2020:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
						(In years)		(In thousands)
Balance outstanding as of December 31, 2019		1,320,243		$	3.34		9.23	$	30,353
Granted		609,000			30.29
Exercised		(13,403	)		2.68
Cancelled		(40,482	)		2.87
Balance outstanding as of September 30, 2020		1,875,358			12.08		8.80	$	28,652
Exercisable as of September 30, 2020		492,557		$	2.24		8.32	$	11,537