Annual report pursuant to Section 13 and 15(d)

Common Stock (Tables)

v3.20.1
Common Stock (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Summary of Stock Option Activity

A summary of the stock option activity under the 2018 Plan and the 2019 Plan is presented below:

 

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term (years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding as of January 1, 2018

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Granted

 

 

971,353

 

 

 

1.01

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2018

 

 

971,353

 

 

 

1.01

 

 

 

9.8

 

 

$

4,051

 

Granted

 

 

1,340,839

 

 

 

7.97

 

 

 

 

 

 

 

 

 

Exercised

 

 

(5,667

)

 

 

1.01

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(176,893

)

 

 

4.22

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2019

 

 

2,129,632

 

 

$

5.12

 

 

 

9.2

 

 

$

18,844

 

Options Exercisable at December 31, 2019

 

 

365,385

 

 

$

1.61

 

 

 

8.9

 

 

$

4,516

 

 
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:

 

 

 

For the Year Ended December 31,

 

 

2019

 

2018

Risk-free interest rate

 

1.39%—2.59%

 

2.92%—2.96%

Expected term

 

0.3—6.1 years

 

5.5—6.2 years

Expected volatility

 

70%—76%

 

72%

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:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

Research and development

 

$

1,304

 

 

$

455

 

General and administrative

 

 

996

 

 

 

151

 

Total

 

$

2,300

 

 

$

606