Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Equity-Based Compensation

Summary of allocation of equity-based compensation

The Company recorded equity-based compensation expense related to all equity-based awards for employees and non-employees, which was allocated as follows in the consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Research and development expense	$	815	$	579
General and administrative expense		1,399		1,039
	$	2,214	$	1,618

Summary of restricted common stock activity

		Weighted
		Average Fair
		Value per Share
	Number of Shares	at Issuance
Restricted common stock as of December 31, 2019	302,360	$	5.77
Granted	—	$	—
Vested	(75,296)	$	5.77
Forfeited	—	$	—
Restricted common stock as of March 31, 2020	227,064	$	5.77

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	2,401,382	$	12.63	8.36	$	6,523
Granted	1,194,385	$	13.66
Exercised	(40,252)	$	10.05
Cancelled	(44,550)	$	14.00
Outstanding as of March 31, 2020	3,510,965	$	12.99	8.76	$	5,298
Options exercisable as of March 31, 2020	887,221	$	11.47	7.57	$	2,620

Schedule of fair value assumptions

Risk-free interest rate	1.42	%
Expected dividend yield	0.0	%
Expected term (years to liquidity)	6.25
Expected volatility	81.65	%