Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the nine months ended September 30, 2020 was as follows:

	Number of Shares		Weighted Average Grant Date Fair Value per Share
Nonvested at January 1, 2020		-	$	-
Replacement restricted units granted		2,518,932		5.25
Restricted units granted		331,121		14.90
Vested		-		-
Nonvested at September 30, 2020		2,850,053	$	6.37

Schedule of Restricted Stock Awards Activity

The Company’s RSA activity for the nine months ended September 30, 2020 was as follows:

	Number of Shares		Weighted Average Grant Date Fair Value per Share
Nonvested at January 1, 2020		-	$	-
Restricted stock granted		769,058		5.28
Vested		-		-
Nonvested at September 30, 2020		769,058	$	5.28

Schedule of Total Stock-Based Compensation Expense for Stock Options, RSAs and RSUs (Detail)

The following table summarizes the total stock-based compensation expense for the stock options, RSAs and RSUs recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020 (in thousands):

	For the Three Months Ended September 30, 2020		For the Nine Months Ended September 30, 2020
Research and development expense	$	399	$	399
General and administrative expense		942		942
Total	$	1,341	$	1,341

Cancelled Options

Schedule of Assumptions Used to Estimate Fair Value of Stock Options and Cancelled Options

The following assumptions were used to estimate the fair value of the Cancelled Options that were granted on July 1, 2020:

Risk-free interest rate	0.31%
Expected dividend yield		-
Expected term in years	6.3
Expected volatility		80	%

Stock Options

Schedule of Assumptions Used to Estimate Fair Value of Stock Options and Cancelled Options

The following weighted-average assumptions were used to estimate the fair value of stock options, excluding the Cancelled Options, for the nine months ended September 30, 2020:

Risk-free interest rate	0.46%
Expected dividend yield		-
Expected term in years	6.7
Expected volatility		80	%

Schedule of Stock Option Activity, Excluding Cancelled Options

The following table summarizes stock option activity, excluding the Cancelled Options, during the nine months ended September 30, 2020:

	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2020		-	$	-		-	$	-
Options granted		185,342		19.55		10.0		528
Outstanding at September 30, 2020		185,342	$	19.55		10.0	$	528
Vested and expected to vest at September 30, 2020		185,342	$	19.55		10.0	$	528
Options exercisable at September 30, 2020		-	$	-		-	$	-