Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Payments (Tables)

Stock-Based Payments (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

A summary of the status of stock options as of December 31, 2020 and March 31, 2021 and changes during the three months ended March 31, 2021 is presented below:

								Aggregate
				Weighted		Remaining		Intrinsic
				Average		Contractual		Value
	Shares			Exercise Price		Life (in years)		(in thousands)
Outstanding at December 31, 2020		5,468,605		$	8.90	7.2		$	13,124
Granted		1,059,600			11.34
Exercised		(20,134	)		7.77
Cancelled		(3,670	)		9.69
Outstanding at March 31, 2021		6,504,401		$	9.30		6.8	$	3,056
Exercisable at March 31, 2021		3,754,472		$	9.24		5.9	$	2,628

Summary of Status of Restricted Stock Units

A summary of the status of restricted stock units as of December 31, 2020 and March 31, 2021 and changes during the three months ended March 31, 2021 is presented below:

				Weighted
				Average Grant
	Shares			Date Fair Value
Outstanding at December 31, 2020		1,734,383		$	7.40
Granted		570,204			10.80
Vested		(206,762	)		7.23
Forfeited		(27,675	)		8.11
Outstanding at March 31, 2021		2,070,150		$	8.34

Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions:

	Three Months Ended March 31,
	2021			2020
Weighted-average risk-free interest rate		0.78	%		1.48	%
Expected dividend yield		—	%		—	%
Expected option term (in years)		6.08			6.08
Volatility		82.10	%		77.93	%

Summary of Stock-based Compensation Expense for Stock Options and Restricted Stock Units

The following table summarizes the stock-based compensation expense for stock options and restricted stock units granted to employees and non-employees recorded in the Company’s condensed consolidated statements of operations:

	Three Months Ended March 31,
	2021		2020
Research and development	$	1,323	$	1,049
General and administrative		1,607		1,410
Total stock-based compensation expense	$	2,930	$	2,459