Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based compensation

Schedule of Stock-based compensation expense

Share-based compensation expense recorded as research and development and general and administrative expenses in the condensed statements of operations is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands)	2020		2019		2020		2019
General and administrative	$	78	$	1	$	208	$	5
Research and development		39		—		94		6
	$	117	$	1	$	302	$	11

Weighted average assumptions used in option-pricing

The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were:

	Nine Months Ended September 30,
	2020			2019
Expected volatility		82.2	%		74.3	%
Risk-free interest rate		0.6	%		2.5	%
Expected life (in years)		6.01			5.30
Expected dividend yield		—			—
Fair value of common stock	$	1.95		$	0.38

Summary of option activity

A summary of option activity during the nine months ended September 30, 2020 is as follows:

				Weighted
		Weighted		average
		average		remaining
	Number of	exercise price		contractual
	shares	per share		term (years)
Outstanding at January 1, 2020	583,622	$	0.47	6.30
Granted	760,698	$	1.33
Forfeited	(2,707)	$	0.50
Exercised	(25,346)	$	0.47
Outstanding at September 30, 2020	1,316,267	$	0.97	7.62
Exercisable at September 30, 2020	468,172	$	0.75	6.40
Vested or expected to vest at September 30, 2020	1,316,267	$	0.97	7.62