Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.21.1
Common Stock (Tables)
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Summary of Stock Option Activity A summary of stock option activity is presented below:

 

 

Number of

Shares

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Term (years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding as of January 1, 2021

 

 

2,900,479

 

 

$

7.33

 

 

 

8.5

 

 

$

16,303

 

Granted

 

 

1,108,233

 

 

 

11.54

 

 

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(5,223

)

 

 

6.30

 

 

 

 

 

 

 

 

 

Outstanding as of March 31, 2021

 

 

4,003,489

 

 

$

8.50

 

 

 

8.7

 

 

$

13,104

 

Options Exercisable at March 31, 2021

 

 

1,328,565

 

 

$

5.28

 

 

 

8.0

 

 

$

8,297

 

 

Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The fair value of each award is estimated using Black-Scholes based on the following assumptions:

 

 

 

Three Months Ended

March 31,

 

 

2021

 

2020

Risk-free interest rate

 

0.63%—1.01%

 

0.93%—1.48%

Expected term

 

6.1 years

 

5.7—6.1 years

Expected volatility

 

79%—80%

 

70%—73%

Expected dividend yield

 

0%

 

0%

Summary of Stock-Based Compensation

 

The Company has recorded stock-based compensation in the accompanying statements of operations as follows:

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Research and development

 

$

619

 

 

$

419

 

General and administrative

 

 

691

 

 

 

454

 

Total

 

$

1,310

 

 

$

873