Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 for the three and six months ended June 30, 2020 and 2019 (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Research and development expense	$	887	$	638	$	1,702	$	1,217
General and administrative expense		1,508		1,176		2,907		2,215
	$	2,395	$	1,814	$	4,609	$	3,432

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	(133,704)	$	5.77
Forfeited	(42,010)	$	5.77
Restricted common stock as of June 30, 2020	126,646	$	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	1,466,051	$	14.39
Exercised	(123,775)	$	8.10
Cancelled	(251,987)	$	13.22
Outstanding as of June 30, 2020	3,491,671	$	13.49	8.62	$	18,205
Options exercisable as of June 30, 2020	1,064,356	$	12.77	7.64	$	6,629

Schedule of fair value assumptions

Risk-free interest rate	1.24	%
Expected dividend yield	0.0	%
Expected term (years to liquidity)	6.19
Expected volatility	81.86	%