Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Equity-Based Compensation

Summary of allocation of equity-based compensation

The Company recorded equity-based compensation expense related to all equity-based awards, which was allocated as follows in the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Research and development expense	$	4,144	$	2,482	$	10,667	$	7,440
General and administrative expense		3,773		3,672		10,869		9,613
	$	7,917	$	6,154	$	21,536	$	17,053

Summary of unrecognized equity-based compensation expense

	As of September 30, 2022
		Unrecognized Expense (in thousands)	Weighted Average Remaining Period of Recognition (years)
Restricted Stock Units		19,146	2.8
Stock Options		40,638	2.7
	$	59,784

Summary of stock activity

		Weighted
		Average Grant
	Number of Units	Date Fair Value
Restricted stock units as of December 31, 2021	314,901	$	47.38
Granted	1,724,256	$	11.00
Vested	(81,913)	$	46.48
Forfeited	(249,509)	$	22.08
Restricted stock units as of September 30, 2022	1,707,735	$	14.39

Summary of stock option activity

				Weighted
		Weighted		Average
	Number of	Average		Remaining	Aggregate
	Shares	Exercise Price		Contractual Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding as of December 31, 2021	3,743,400	$	25.55	8.06	$	26,272
Granted	3,157,932	$	10.08
Exercised	(43,312)	$	11.25
Cancelled	(715,347)	$	25.60
Outstanding as of September 30, 2022	6,142,673	$	17.69	8.26	$	2,591
Options exercisable as of September 30, 2022	2,247,725	$	20.54	6.53	$	427

Schedule of weighted average assumptions in fair value

	Nine Months Ended
	September 30,
	2022		2021
Risk-free interest rate	2.99	%	0.77	%
Expected dividend yield	0.0	%	0.0	%
Expected term (years to liquidity)	5.97		6.21
Expected volatility	88.47	%	87.79	%