Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Outstanding Stock Options

Total outstanding stock options as of March 31, 2022 was as follows:

	2022
	Number of shares			Weighted average exercise price
Outstanding at beginning of period		5,322,591		$	14.76
Granted		2,233,467		$	15.61
Exercised		(12,235	)	$	2.34
Cancelled or forfeited		(68,953	)	$	18.98
Outstanding at end of period		7,474,870		$	15.00

In April 2022, the Company granted an aggregate of 118,100 stock options to employees under the 2020 Plan, at a weighted average exercise price of $11.84 per share.

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

The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis:

	Three Months Ended March 31,
	2022			2021
Risk-free interest rate		1.73	%		0.67	%
Expected terms (in years)		6.08			6.08
Expected volatility		78.47	%		75.41	%
Expected dividend yield		0.00	%		0.00	%

Schedule of Share-based Compensation Expense

Share-based compensation expense was allocated as follows:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Research and development	$	2,311	$	987
General and administrative		2,444		1,070
Total share-based compensation expense	$	4,755	$	2,057

Share-based compensation expense by type of award was as follows:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Stock options	$	4,712	$	2,026
ESPP		43		31
Total share-based compensation expense	$	4,755	$	2,057