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Equity Incentive Plan (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of stock option activity

Stock option activity under the Plan is as follow (in thousands, except share and per share data and years):

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

Average

 

Aggregate

 

 

 

 

Weighted-

 

Remaining

 

Intrinsic

 

 

Number

 

Average

 

Contractual

 

Value

 

    

of Shares

 

Exercise Price

 

Life (years)

 

(in thousands)

Balances, December 31, 2017

 

567,319

 

$

3.96

 

8.1

 

$

694

Granted

 

1,609,086

 

 

6.66

 

 

 

 

 

Exercised

 

(27,832)

 

 

1.68

 

 

 

 

 

Cancelled

 

(12,282)

 

 

4.92

 

 

 

 

 

Balances, December 31, 2018

 

2,136,291

 

$

6.06

 

8.9

 

$

12,881

Granted

 

1,764,713

 

 

13.63

 

 

 

 

 

Exercised

 

(77,368)

 

 

3.94

 

 

 

 

 

Cancelled

 

(81,492)

 

 

9.80

 

 

 

 

 

Balances, December 31, 2019

 

3,742,144

 

$

9.58

 

8.6

 

$

22,910

Vested and expected to vest at December 31, 2019

 

3,742,144

 

$

9.58

 

8.6

 

$

22,910

Exercisable at December 31, 2019

 

1,793,254

 

$

5.87

 

7.7

 

$

17,211

Vested at December 31, 2019

 

1,168,118

 

$

6.27

 

7.5

 

$

10,747

 

Schedule of Share-based Payment Arrangement, Option, Exercise Price Range

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

Options Exercisable

 

    

 

    

Weighted-

    

 

    

 

    

 

 

 

 

 

Average

 

 

 

 

 

Weighted-

 

 

 

 

Remaining

 

Weighted-

 

 

 

Average

 

 

Number of

 

Contractual

 

Average

 

Shares Subject

 

Exercise 

 

 

Stock Options

 

Life

 

Exercise Price

 

to Stock

 

Price per

Exercise Prices

 

Outstanding

 

(Years)

 

per Share

 

Options

 

Share

Up to $0.66

 

48,984

 

2.9

 

$

0.17

 

48,984

 

$

0.17

$4.56-$5.16

 

1,474,367

 

7.7

 

$

5.00

 

1,450,561

 

$

5.00

$9.94-$12.95

 

1,720,981

 

9.1

 

$

11.56

 

293,709

 

$

11.13

$16.10-$22.06

 

497,812

 

9.5

 

$

17.18

 

 —

 

 

 —

 

 

3,742,144

 

8.6

 

$

9.58

 

1,793,254

 

$

5.87

 

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

 

    

2019

    

2018

 

 

Expected life (in years)

 

6.02

 

6.01

 

 

Volatility

 

81.0

%  

78.3

%

 

Risk-free interest rate

 

2.16

%  

2.88

%

 

 

Schedule of stock-based compensation expense

The compensation expense is allocated on a departmental basis, based on the classification of the option holder as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

    

2019

    

2018

 

Research and development

 

$

2,977

 

$

631

 

General and administrative

 

 

3,079

 

 

788

 

 

 

$

6,056

 

$

1,419

 

 

2019 Employee Stock Purchase Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

    

2019

    

2018

 

Expected life (in years)

 

0.2 - 2.0

 

 —

 

Volatility

 

74.5 - 101.6

%  

 —

%

Risk-free interest rate

 

1.50 - 2.15

%  

 —

%