Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

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

The Company recorded equity-based compensation in the following expense categories in the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
	2023		2022
	(in thousands)
Research and development	$	3,054	$	2,660
General and administrative		4,205		3,905
Total equity-based compensation	$	7,259	$	6,565

Schedule of Assumptions Used to Estimate Fair value of Market-Based RSUs Granted

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 the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
	2023	2022
Risk-free interest rate	4.0%	1.8%
Expected term (in years)	6.0	6.0
Expected volatility	79.3%	77.3%
Expected dividend yield	0.0%	0.0%