Share‑Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share‑Based Compensation

Schedule of share-based compensation expense category

	March 31,
(in thousands)	2020		2019
Research and development	$	1,046	$	4
General and administrative		1,322		227
	$	2,368	$	231

Summary of stock option activity plan

				Weighted
		Weighted		average
		average		remaining
	Number of	exercise price		contractual
	shares	per share		term (years)
Outstanding at January 1, 2020	2,577,719	$	5.90	9.3
Granted	3,470,051		13.14
Forfeited	(134,331)		1.02
Outstanding at March 31, 2020	5,913,439	$	9.94	9.5
Exercisable at March 31, 2020	275,891	$	5.01	9.3
Vested or expected to vest at March 31, 2020	5,913,439	$	9.94	9.5

Schedule of weighted average assumptions applied to options

	Three months ended March 31,
	2020		2019
Expected volatility	92.6	%	87.0	%
Risk‑free interest rate	1.4	%	2.5	%
Expected term	6.07 years		5.56 years
Expected dividend yield	—		—

Summary of activity relating to early exercises of stock options

	Number of shares
Unvested balance at January 1, 2020	494,603
Vested	(48,095)
Unvested balance at March 31, 2020	446,508