Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted

The weighted-average assumptions used principally in determining the fair value of options granted were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Fair value of common stock	$	23.38		$	2.18		$	22.66		$	2.18
Expected term (in years)		6.1			6.1			6.0			5.9
Expected volatility		79.7	%		76.3	%		79.7	%		76.0	%
Risk-free interest rate		1.1	%		0.5	%		0.8	%		0.6	%
Dividend yield		—			—			—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Research and development	$	542	$	73	$	991	$	120
General and administrative		525		80		967		145
Total stock-based compensation expense	$	1,067	$	153	$	1,958	$	265