Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2021

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:

	Three Months Ended June 30,				Six Months Ended June 30,
In thousands)	2021		2020		2021		2020
Research and development	$	368	$	8	$	522	$	55
General and administrative		381		31		552		130
	$	749	$	39	$	1,074	$	185

Weighted average assumptions used in option-pricing

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

	Six Months Ended June 30,
	2021			2020
Expected volatility		83.1	%		80.0	%
Risk-free interest rate		1.1	%		0.8	%
Expected term (in years)		6.04			5.64
Expected dividend yield		—			—
Fair value of common stock	$	25.60		$	1.62

Summary of option activity

A summary of option activity during the six months ended June 30, 2021 is as follows:

				Weighted
		Weighted		average
		average		remaining
	Number of	exercise price		contractual
	shares	per share		term (years)
Outstanding at January 1, 2021	1,472,840	$	3.14	8.51
Granted	581,231	$	25.60
Forfeited	(5,505)	$	8.10
Exercised	(32,530)	$	0.82
Outstanding at June 30, 2021	2,016,036	$	9.64	8.54
Exercisable at June 30, 2021	705,784	$	1.13	7.14
Vested or expected to vest at June 30, 2021	2,016,036	$	9.64	8.54