Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Stock Option and Grant Plan during the nine months ended September 30, 2020 is as follows (in thousands except share and per share data):

	Number of Options Outstanding			Weighted Average Strike Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2019		2,945,297		$	2.03		8.93	$	7,798
Granted		2,962,369			11.20
Exercised		(67,623	)		2.04
Forfeited		(188,318	)		2.69
Outstanding at September 30, 2020		5,651,725		$	6.81		9.29	$	144,110
Exercisable at September 30, 2020		1,268,030		$	2.82		8.96	$	37,394

Summary of Equity-Based Compensation Expense

Total equity-based compensation expense recorded as research and development and general and administrative expenses for employees, directors, and non-employees during the three and nine months ended September 30, 2019 and 2020 is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	685	$	184	$	1,422	$	489
General and administrative		1,643		50		1,941		410
Total equity-based compensation	$	2,328	$	234	$	3,363	$	899

Summary of Weighted-Average Assumptions

The weighted-average assumptions that the Company used in Black-Scholes option pricing model to determine the grant date fair value of stock options granted to employees and non-employees for the three- and nine-months ended September 30, 2020 and 2019 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			20219
Expected term (in years)		5.96			6.30			6.10			6.17
Volatility		77	%		70	%		78	%		71	%
Risk-free interest rate		0.35	%		1.43	%		0.51	%		1.89	%
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%

Summary of Restricted Stock Activity

The Company has granted shares of restricted common stock with service-based and performance-based vesting conditions. A summary of restricted stock activity under the 2018 Plan during the nine months ended September 30, 2020 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2019		232,434		$	1.60
Granted		—			—
Vested		(79,428	)	$	1.60
Forfeited		(19,689	)	$	1.60
Unvested at September 30, 2020		133,317		$	1.60

Stock Options

Summary of Equity-Based Compensation Expense

The following table outlines our equity-based compensation expense for stock options for the three- and nine-months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	635	$	116	$	1,263	$	164
General and administrative		1,638		45		1,927		194
Total equity-based compensation	$	2,273	$	161	$	3,190	$	358