Share-based compensation (Tables)

12 Months Ended

Dec. 31, 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 statements of operations is as follows (in thousands):

	Year Ended December 31,
In thousands)	2020		2019
General and administrative	$	441	$	5
Research and development		180		9
	$	621	$	14

Weighted average assumptions used in option-pricing

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

	Year ended December 31,
	2020			2019
Expected volatility		83.0	%		73.7	%
Risk-free interest rate		0.6	%		2.5	%
Expected term (in years)		6.1			5.3
Expected dividend yield		—			—
Fair value of common stock	$	5.30		$	0.36

Summary of option activity

A summary of option activity under the Plans during the year ended December 31, 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	1,168,618	$	4.90
Forfeited	(152,109)	$	8.90
Exercised	(127,291)	$	0.16
Outstanding at December 31, 2020	1,472,840	$	3.14	8.51
Exercisable at December 31, 2020	632,524	$	0.89	7.38
Vested or expected to vest at December 31, 2020	1,472,840	$	3.14	8.51