Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2022

Nonvested Restricted Stock Shares Activity

RSU activity for the six months ended June 30, 2022 was as follows:

	Shares			Weighted- Average Grant-Date Fair Value
Unvested at December 31, 2021		—		$	—
Granted		449,650			24.00
Vested		—			—
Cancelled		(20,628	)		24.79
Unvested at June 30, 2022		429,022		$	23.96

Summary of Estimated Fair Value of Employee Stock Options

We estimated the fair value of employee stock options using the Black-Scholes option-pricing model for the three and six months ended June 30, 2022 and 2021 using the following weighted-average assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Fair Value Assumptions
Expected volatility	78.9% - 81.2%	81.2% - 81.8%	78.1% - 81.2%	81.0% - 82.5%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	5.5	5.5	5.4 - 5.5	5.5
Risk-free interest rate	2.8% - 3.0%	0.9% - 1.0%	1.6% - 3.0%	0.5% - 1.0%

2020 Plan and 2014 Plan

Summary of Activity Under Stock Option Plans

Stock option activity under our 2020 Plan and 2014 Plan, which excludes options to purchase 62,382 shares granted outside of the 2020 Plan and 2014 Plan, was as follows:

					Options Outstanding
Stock Option Activity	Options Available for Grant				Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balances — December 31, 2021		6,104,756				5,295,007		$	9.30
Additional shares authorized		2,651,598				—
Options granted		(2,183,240	)			2,183,240		$	23.76
Options exercised		385		(2)		(168,494	)	$	3.64
Options forfeited		135,911				(135,911	)	$	25.26
Balances — June 30, 2022		6,709,410		(1)		7,173,842		$	13.52		8.02	$	66,049
Vested and expected to vest — June 30, 2022						7,173,842		$	13.52		8.02	$	66,049
Exercisable at June 30, 2022						3,146,962		$	6.32		6.74	$	49,569

(1)Excludes 429,022 RSUs outstanding as of June 30, 2022.

(2)Net exercise – shares returned to the Plan.

2020 Employee Stock Purchase Plan

Summary of Estimated Fair Value of Shares Under Employee Stock Purchase Plan

We estimated the fair value of shares under the 2020 ESPP using the Black-Scholes option-pricing model for the three and six months ended June 30, 2022 and 2021 using the following weighted-average assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Fair Value Assumptions
Expected volatility	78.8% - 82.0%	79.6% - 88.8%	78.8% - 97.5%	79.6% - 126.3%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	0.5 - 2.0	0.5 - 2.0	0.5 - 2.0	0.5 - 2.0
Risk-free interest rate	1.6% - 2.7%	0.0% - 0.2%	0.1% - 2.7%	0.0% - 0.2%

2014 Plan, 2020 Plan and 2020 ESPP

Summary of Stock-based Compensation Expense

We recorded total stock-based compensation expense for the three and six months ended June 30, 2022 and 2021 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the condensed statements of operations and allocated the amounts as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Research and development	$	2,347	$	982	$	4,122	$	1,665
General and administrative		3,547		1,787		5,871		2,969
Total	$	5,894	$	2,769	$	9,993	$	4,634