Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Equity-based Compensation Expense Categories In Consolidated Statements of Operations and Comprehensive Loss

The Company recorded equity-based compensation in the following expense categories in the consolidated statements of operations and comprehensive income (loss) in 2022 and 2021:

	Year ended December 31,
	2022		2021
	(in thousands)
Research and development	$	11,018	$	8,914
General and administrative		16,939		15,461
Total equity-based compensation	$	27,957	$	24,375

Schedule of Assumptions Used to Estimate Fair value

The grant date fair value was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions in 2022 and 2021:

	Year Ended December 31, 2022	Year Ended December 31, 2021
Risk-free interest rate	2.65%	1.02%
Expected term (in years)	6.0	6.0
Expected volatility	79.81%	76.22%
Expected dividend yield	0.00%	0.00%

Summary of Stock Options Activity

The following table summarizes 2022 and 2021 stock option activity (shares and aggregate intrinsic value in thousands):

	Number of    Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2020		4,603		$	4.30
Granted		5,482		$	23.82
Exercised		(763	)	$	4.30
Forfeited		(63	)	$	17.23
Outstanding as of December 31, 2021		9,259		$	15.77
Granted		2,888		$	12.96
Exercised		(1,523	)	$	4.31
Forfeited		(1,290	)	$	13.80
Outstanding as of December 31, 2022		9,334		$	17.04		8.31	$	11,526
Exercisable as of December 31, 2022		3,706		$	15.31		7.32	$	10,060

Summary of Activity Related to RSUs

The following table summarizes the activity related to RSUs during 2022 (shares in thousands):

	Number of    Shares			Weighted-Average Grant Date Fair Value
Outstanding unvested as of December 31, 2021		—		$	—
Granted(1)		502		$	13.28
Vested		(46	)	$	13.60
Forfeited		(87	)	$	13.60
Outstanding unvested as of December 31, 2022		369		$	13.16

(1)The number granted represents the number of shares issuable upon vesting of service-based and market-based RSUs, assuming the Company achieves its corporate stock price metrics at the target achievement level.

Summary of Activity Related to RSAs

The following table summarizes the activity related to RSAs during 2022 and 2021 (shares in thousands) as if the prior equity awards were converted to RSAs at the earliest period presented:

	Number of    Shares			Weighted-Average Grant Date Fair Value
Outstanding unvested as of December 31, 2020		364		$	2.04
Vested		(275	)	$	1.45
Outstanding unvested as of December 31, 2021		89		$	3.87
Vested		(46	)	$	3.87
Forfeited		(28	)	$	3.87
Outstanding unvested as of December 31, 2022		15		$	3.87

Restricted Stock Units (RSUs) [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Assumptions Used to Estimate Fair value

The following table details the assumptions used in the Monte Carlo simulation model used to estimate the fair value of the market-based RSUs granted during 2022:

	Year Ended December 31, 2022
Stock price	$	12.98
Volatility		82.5	%
Remaining term (years)		2.7
Risk-free rate		2.9	%
Expected dividend yield		0.0