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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

A summary of the Company’s unvested shares is as follows:

Balance at December 31, 2019	4,236,248
Share vesting	(1,187,835	)
Balance at September 30, 2020	3,048,413

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	September 30, 2020
Common stock warrants		7,604,446
Stock options and performance-based awards outstanding		2,740,255
Shares available for issuance under the 2019 Incentive Plan		2,518,853
Shares available for issuance under the ESPP Plan		559,645
Balance at September 30, 2020		13,423,199

Summary of PSU Activity Under the 2019 Incentive Award Plan

The following table summarizes PSU activity under the 2019 Incentive Award Plan during the nine months ended September 30, 2020.

	Number of Stock Units		Weighted- Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2019		—	$	—
Granted		204,750		32.06
Vested		—		—
Forfeited		—		—
Unvested balance at September 30, 2020		204,750	$	32.06

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards

The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:

	Nine Months Ended September 30,
	2020			2019
Assumptions:
Expected term (in years)		5.23			6.07
Expected volatility		56.24	%		60.17	%
Risk free interest rate		0.36	%		1.58	%
Dividend yield		—			—

Summary of Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows:

	Options Outstanding		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2019		1,400,528	$	9.10		9.69	$	30,874
Options granted		1,134,977		32.14
Options exercised and shares vested		—		—
Options cancelled		—		—
Balance at September 30, 2020		2,535,505	$	19.41		9.27	$	43,767
Options exercisable as of September 30, 2020		141,367	$	12.58		8.98	$	3,405

Summary of Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the statements of operations as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development expense	$	604	$	8	$	842	$	8
General and administrative expense		1,466		29		2,619		58
Total	$	2,070	$	37	$	3,461	$	66

Employee Stock Purchase Plan

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards

The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:

	Nine Months Ended September 30,
	2020			2019
Assumptions:
Expected term (in years)		1.00			—
Expected volatility		76.25	%		—
Risk free interest rate		0.15	%		—
Dividend yield		—			—