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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table summarizes the option activity under the 2020 Plan and 2015 Plan during the nine months ended September 30, 2020:

	Options			Weighted- average exercise price		Weighted- average remaining contractual term (in years)
Outstanding at December 31, 2019		2,329,510		$	3.59	9.6
Granted		1,479,794			16.50
Exercised		(154,114	)		2.17
Forfeited		(90,210	)		9.84
Outstanding at September 30, 2020		3,564,980		$	8.85		9.2
Exercisable at September 30, 2020		419,878		$	4.15		8.6
Vested and expected to vest at September 30, 2020		3,564,980		$	8.85		9.2

Summary of Share-based Compensation Expense

Share-based compensation expense for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	672	$	93	$	1,096	$	156
General and administrative		937		134		1,561		226
Total share-based compensation	$	1,609	$	227	$	2,657	$	382

Schedule of Fair Value of Stock Options Estimated on Date of Grant Using Black-Scholes Option Pricing Model

The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Common stock fair value	$	18.86		$	3.89		$	16.50		$	3.92
Risk-free interest rate		0.38	%		1.47	%		0.40	%		1.50	%
Expected volatility		75.17	%		81.10	%		76.08	%		81.12	%
Expected term (in years)		6.0			6.1			6.0			6.1
Expected dividend yield		—	%		—	%		—	%		—	%

Summary of Common Stock Reserved for Future Issuance

As of September 30, 2020, the Company had reserved the following shares of common stock for future issuance:

	September 30, 2020
Common stock options granted and outstanding		3,564,980
Reserved for future equity award grants		1,495,314
Reserved for future ESPP issuances		295,599
		5,355,893