Share-based compensation (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
In thousands)	2021		2020		2021		2020
Research and development	$	402	$	39	$	924	$	94
General and administrative		753		78		1,305		208
	$	1,155	$	117	$	2,229	$	302

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,
	2021			2020
Expected volatility		83.1	%		82.2	%
Risk-free interest rate		1.0	%		0.6	%
Expected term (in years)		6.04			6.01
Expected dividend yield		—			—
Fair value of common stock	$	23.61		$	1.95

Summary of option activity

A summary of option activity during the nine months ended September 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	722,331	$	23.61
Forfeited	(21,127)	$	20.21
Exercised	(237,498)	$	0.31
Outstanding at September 30, 2021	1,936,546	$	10.94	8.68
Exercisable at September 30, 2021	551,262	$	1.81	7.56
Vested or expected to vest at September 30, 2021	1,936,546	$	10.94	8.68