Equity Incentive Plans and Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans and Stock-Based Compensation

8. Equity Incentive Plans and Stock-Based Compensation

As of March 31, 2021, there were 2,174,521 shares available for future issuance under the 2020 Equity Incentive Plan.

The following table summarizes the option activity for the three months ended March 31, 2021:

	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		3,996,174		$	9.03		8.5	$	99,107
Granted		1,105,667			29.90
Exercised		(18,411	)		0.80
Forfeited and cancelled		(16,200	)		19.06
Outstanding at March 31, 2021		5,067,230		$	13.58		8.6	$	62,225
Exercisable at March 31, 2021		1,419,764		$	3.51		7.6	$	29,883

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:

	Three Months Ended March 31,
	2021		2020
Options to purchase common stock		5,067,230		2,658,953
Convertible preferred stock		—		19,278,606
Total		5,067,230		21,937,559

Stock-Based Compensation Expense

The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Merton option pricing model with the following assumptions: 

	Three Months Ended March 31,
	2021	2020
Stock price	$29.83 - $35.67	—
Risk-free interest rate	0.6% - 0.9%	—
Expected volatility	88.38% - 88.43%	—
Expected term (in years)	6.08	—
Expected dividend yield	—	—

The total unrecognized compensation expense related to outstanding unvested stock-based awards as of March 31, 2021, was $41.8 million, which is expected to be recognized over a weighted-average remaining service period of 2.93 years.

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for stock options for the periods presented (in thousands):

	Three Months Ended March 31,
	2021		2020
Research and development	$	1,067	$	273
General and administrative		1,677		254
Total stock-based compensation expense	$	2,744	$	527