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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2021
Summary of Stock Option Activity

The following table summarizes stock option activity during the three months ended March 31, 2021 (in thousands, except share and per share data):

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual

Life

(in Years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding as of December 31, 2020

 

 

5,071,740

 

 

$

9.99

 

 

 

8.6

 

 

$

40,631

 

Granted

 

 

1,306,400

 

 

$

19.19

 

 

 

 

 

 

 

 

 

Exercised

 

 

(12,535

)

 

$

6.39

 

 

 

 

 

 

 

 

 

Canceled and forfeited

 

 

(102,299

)

 

$

11.56

 

 

 

 

 

 

 

 

 

Outstanding as of March 31, 2021

 

 

6,263,306

 

 

$

11.89

 

 

 

8.4

 

 

$

50,284

 

Vested and exercisable as of March 31, 2021

 

 

1,948,720

 

 

$

6.87

 

 

 

7.4

 

 

$

25,312

 
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted

The following assumptions were used to estimate the fair value of stock option awards granted during the following periods:

 

 

 

Three Months Ended March 31,

 

 

2021

 

2020

Exercise price

 

$18.41-$21.22

 

$10.40 - $24.52

Expected term (in years)

 

6.08

 

5.50 - 6.08

Expected volatility

 

93.24%-94.06%

 

77.07% - 88.11%

Risk-free interest rate

 

0.62%-1.00%

 

0.51% - 1.73%

Expected dividend yield

 

—

 

—
Summary of Stock-based Compensation Reflected in Unaudited Condensed Consolidated Statements of Operations

Total stock-based compensation is reflected in the unaudited condensed consolidated statements of operations as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

General and administrative

 

$

2,542

 

 

$

1,532

 

Research and development

 

 

2,743

 

 

 

1,041

 

Total

 

$

5,285

 

 

$

2,573

 

 
Executive Performance Stock Units  
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted As the Executive PSU’s contained a market condition, the grant date fair value was determined using a Monte Carlo simulation model and the following input assumptions were used to estimate the Executive PSUs granted during the following period:

 

 

Three Months Ended

 

 

 

March 31, 2021

 

Common stock price on grant date

 

$

18.50

 

Expected term (in years)

 

 

0.80

 

Expected volatility

 

   80%

 

Risk-free interest rate

 

  0.09%

 

Expected dividend yield

 

  —