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Equity Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Summary of equity based compensation expense

The Company recognized equity-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, by award type, as follows (in thousands):


	Three Months Ended
	March 31,
	2020		2019
ESPP	$	110	$	—
Restricted stock		562		187
Stock option		1,872		312
	$	2,544	$	499

The following table summarizes the allocation of equity-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, by expense category:


	Three Months Ended
	March 31,
	2020		2019
Research and development expense	$	1,792	$	282
General and administrative expense		752		217
	$	2,544	$	499

Summary of restricted stock units


		Weighted
		Average Fair
	Number	Value per Share
	of Shares	at Issuance
Unvested restricted common stock units as of December 31, 2019	—	$	—
Granted	66,216		10.84
Vested	—		—
Forfeited	—		—
Unvested restricted common stock units as of March 31, 2020	66,216	$	10.84

2019 Equity Incentive Plan

Equity Based Compensation

Summary of restricted common stock


		Weighted
		Average Fair
	Number	Value per Share
	of Shares	at Issuance
Unvested restricted common stock as of December 31, 2019	379,770	$	4.32
Granted	—		—
Vested	(84,247)		4.32
Forfeited	(12,694)		4.32
Unvested restricted common stock as of March 31, 2020	282,829	$	4.32

Summary of stock option activity


				Weighted
		Weighted		Average
	Number of	Average		Remaining	Aggregate
	Shares	Exercise Price		Contractual Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding as of December 31, 2019	2,987,403	$	8.67	9.22	$	26,254
Granted	1,468,885		14.68	—		—
Exercised	(35,822)		4.67	—		—
Forfeited	(64,917)		6.24	—		—
Outstanding as of March 31, 2020	4,355,549	$	10.77	9.19	$	20,121
Options vested and expected to vest as of March 31, 2020	4,355,549	$	10.77	9.19	$	20,121
Options exercisable as of March 31, 2020	655,162	$	5.31	8.28	$	6,165

Summary of assumptions used in determining the fair value of the options granted


	Three months ended
	March 31,
	2020
Risk‑free interest rate	0.48%
Expected dividend yield	-
Expected term (in years)	6.0
Expected Volatility	80.85%