Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Weighted-Average Assumptions Used to Value Stock Options

The weighted-average assumptions used to value these stock options using the Black-Scholes option-pricing model were as follows.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Fair value of common stock	$	30.63		$	21.64		$	35.78		$	16.79
Risk-free interest rate		0.91	%		0.36	%		0.94	%		0.49	%
Dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Expected term of options (years)		6.08			6.08			5.95			6.01
Expected Volatility		67.2	%		70.0	%		69.0	%		70.0	%

Summary of Stock Option Activity

The table below summarizes the stock option activity during the nine months ended September 30, 2021:

	Number of Shares Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		1,123,496		$	11.72	8.85			27,800
Granted		566,500			35.78		—		—
Exercised		(29,575	)		2.07		—		366
Forfeited/Cancelled		(151,165	)		24.09		—		—
Outstanding at September 30, 2021		1,509,256		$	19.70		8.58		1,036
Exercisable at September 30, 2021		200,181		$	18.13		8.58		53

Summary of Stock-Based Compensation Expenses

Stock-based compensation expenses included in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 were (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	522	$	200	$	1,191	$	206
General and administrative		951		175		1,785		195
Total	$	1,473	$	375	$	2,976	$	401