Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the three and nine months ended September 30, 2020 and 2019 was classified in the consolidated statement of operations and comprehensive loss as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	374	$	103	$	486	$	278
General and administrative		2,162		146		2,480		411
Total	$	2,536	$	249	$	2,966	$	689

Schedule of Restricted Share Activity

A summary of the Company’s restricted share activity during the nine months ended September 30, 2020 is as follows:

Weighted Average				Estimated
Grant Date				Fair Value
Fair Value	Shares			Per Share
Nonvested, January 1, 2020		2,038,955		$	2.04
Granted		879		$	2.34
Vested		(277,815	)	$	1.51
Forfeited or canceled		(666,227	)	$	1.78
Nonvested, September 30, 2020		1,095,792		$	2.34

2020 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Option Activity

The following table summarizes the stock option activity for the 2020 Plan:  

							Weighted
				Weighted			Average
	Number of			Average			Remaining
	Nonvested			Exercise Price			Contractual
	Options			Per Share		Life (in years)
Outstanding at January 1, 2020		—		$	—
Granted		1,633,000		$	5.00
Exercise		—		$	—
Forfeited/cancelled		(7,531	)	$	5.00
Outstanding at September 30, 2020		1,625,469		$	5.00			9.9
Vested at September 30, 2020		647,707		$	5.00			9.8

Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Fair Value Profits Interest Estimated on Weighted Average Assumptions

The fair value of each profits interest was estimated on the date of grant using the weighted average assumptions in the table below:

	Nine Months Ended September 30,
	2020			2019
Expected term (in years)		6.0			6.0
Risk-free rate		0.36	%		1.75	%
Expected volatility		140.45	%		65.06	%
Expected dividend yield		0	%		0	%

Stock Option

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Fair Value Profits Interest Estimated on Weighted Average Assumptions

The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and directors during the nine months ended September 30, 2020 were as follows:

	September 30,
	2020
Expected term (in years)		5.4
Risk-free rate		0.22	%
Expected volatility		86.2	%
Expected dividend yield		0.00	%