Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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 2023 and 2022 (in thousands):

	2023		2022
General and administrative	$	18,270	$	16,939
Research and development		12,168		11,018
Total equity-based compensation	$	30,438	$	27,957

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 2023 and 2022:

	2023			2022
Risk-free interest rate		4.0	%		2.7	%
Expected term (in years)		6.0			6.0
Expected volatility		78.7	%		79.8	%
Expected dividend yield		0.0	%		0.0	%

Summary of Stock Options Activity

The following table summarizes 2023 and 2022 stock option activity (options and aggregate intrinsic value in thousands):

	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
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
Granted		2,091		$	10.96
Exercised		(58	)	$	4.30
Forfeited		(828	)	$	22.63
Outstanding as of December 31, 2023		10,539		$	15.46		7.94	$	10,753
Exercisable as of December 31, 2023		5,535		$	15.37		7.49	$	10,170

Summary of Activity Related to RSUs

	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
Granted		638		$	11.29
Vested		(178	)	$	11.90
Forfeited		(25	)	$	12.26
Outstanding unvested as of December 31, 2023		804		$	11.98

(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 2023 and 2022 (shares in thousands):

	Number of Shares			Weighted-Average Grant Date Fair Value
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
Vested		(14	)	$	3.87
Forfeited		(1	)	$	3.87
Outstanding unvested as of December 31, 2023		—		$	—

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:

	2022
Stock price	$	12.98
Volatility		82.5	%
Expected term (in years)		2.7
Risk-free rate		2.9	%
Expected dividend yield		0.0	%