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Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
Stock-based Compensation Expense Recognized

Stock‑based compensation expense recognized was as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Research and development

 

$

260

 

 

$

10

 

General and administrative

 

 

714

 

 

 

48

 

Total stock-based compensation expense

 

$

974

 

 

$

58

 

Weighted-Average Assumptions used in Estimating Fair Value of each Stock Options using Black-Scholes Option-Pricing Model

The fair value of each stock option was estimated using the Black‑Scholes option‑pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Risk-free interest rate

 

 

0.79

%

 

 

1.34

%

Expected volatility

 

 

89.13

%

 

 

78.17

%

Expected term (in years)

 

 

6.17

 

 

 

6.87

 

Expected dividend yield

 

 

 

 

 

 

 

Summary of Option Activity Changes in Shares Available for Grant

Changes in shares available for grant during the three months ended March 31, 2021 were as follows:

 

 

 

Shares

Available

for Grant

 

Shares available for grant at December 31, 2020

 

 

3,742,235

 

2020 Plan reserve increase on January 1, 2021

 

 

1,624,259

 

Options and restricted stock units granted

 

 

(601,044

)

Shares available for grant at March 31, 2021

 

 

4,765,450

 

Summary of Option Activity

A summary of stock option activity for the three months ended March 31, 2021 was as follows:

 

 

 

Shares

 

 

Weighted-

Average

Exercise

price

per Share

 

 

Weighted-

Average

Remaining

Contractual

Term

(in years)

 

 

Aggregate

Intrinsic

Value

(in

thousands)

 

Balance at December 31, 2020

 

 

1,974,870

 

 

$

9.31

 

 

7.98

 

 

$

49,275

 

Granted

 

 

597,892

 

 

 

21.07

 

 

 

 

 

 

 

 

 

Exercised

 

 

(62,951

)

 

 

1.11

 

 

 

 

 

 

 

 

 

Forfeited/expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2021

 

 

2,509,811

 

 

$

12.32

 

 

 

8.27

 

 

$

17,291

 

Expected to vest

 

 

1,840,595

 

 

$

16.26

 

 

 

9.39

 

 

$

5,933

 

Options exercisable

 

 

669,216

 

 

$

1.46

 

 

 

5.19

 

 

$

11,359

 

Summary of Stock Options Outstanding and Exercisable

Stock options outstanding and exercisable consisted of the following at March 31, 2021:

 

 

 

Employees and Directors

 

 

Non-employees

 

Exercise Price ($)

 

Shares

Outstanding

 

 

Shares

Exercisable

 

 

Shares

Outstanding

 

 

Shares

Exercisable

 

0.16

 

 

75,660

 

 

 

75,660

 

 

 

12,610

 

 

 

12,610

 

0.48

 

 

151,320

 

 

 

151,320

 

 

 

 

 

 

 

1.00

 

 

 

 

 

 

 

 

37,830

 

 

 

37,830

 

1.04

 

 

66,931

 

 

 

66,931

 

 

 

31,525

 

 

 

31,525

 

1.19

 

 

26,825

 

 

 

21,465

 

 

 

34,677

 

 

 

34,677

 

1.31

 

 

63,050

 

 

 

63,050

 

 

 

 

 

 

 

1.35

 

 

290,974

 

 

 

68,509

 

 

 

97,727

 

 

 

63,049

 

1.49

 

 

31,525

 

 

 

21,016

 

 

 

 

 

 

 

17.00

 

 

737,052

 

 

 

19,263

 

 

 

195,453

 

 

 

 

19.29

 

 

27,742

 

 

 

 

 

 

 

 

 

 

21.15

 

 

558,150

 

 

 

 

 

 

 

 

 

 

21.40

 

 

9,600

 

 

 

 

 

 

 

 

 

 

21.62

 

 

2,400

 

 

 

 

 

 

 

 

 

 

22.22

 

 

29,618

 

 

 

 

 

 

 

 

 

 

23.79

 

 

1,400

 

 

 

 

 

 

 

 

 

 

29.41

 

 

27,742

 

 

 

2,311

 

 

 

 

 

 

 

Total

 

 

2,099,989

 

 

 

489,525

 

 

 

409,822

 

 

 

179,691

 

 

Restricted Stock Award (RSA)  
Summary of Restricted Stock Activity

A summary of RSA activity for the three months ended March 31, 2021 was as follows:

 

 

 

Share

Equivalent

 

 

Weighted-

Average

Grant Date

Fair Value

 

Non-vested at December 31, 2020

 

 

4,204

 

 

$

1.35

 

Granted

 

 

 

 

 

 

Vested

 

 

 

 

 

 

Non-vested at March 31, 2021

 

 

4,204

 

 

$

1.35

 

 

Restricted Stock Unit (RSUs)  
Summary of Restricted Stock Activity

A summary of RSU activity for the three months ended March 31, 2021 was as follows:

 

 

 

Share

Equivalent

 

 

Weighted-

Average

Grant Date

Fair Value

 

Non-vested at December 31, 2020

 

 

 

 

$

 

Granted

 

 

3,152

 

 

 

21.15

 

Vested

 

 

(1,576

)

 

 

21.15

 

Non-vested at March 31, 2021

 

 

1,576

 

 

$

21.15