Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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 2024 and 2023 (in thousands):

	2024		2023
General and administrative	$	22,677	$	18,270
Research and development		15,147		12,168
Total equity-based compensation	$	37,824	$	30,438

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 2024 and 2023:

	2024			2023
Risk-free interest rate		4.2	%		4.0	%
Expected term (in years)		6.0			6.0
Expected volatility		70.3	%		78.7	%
Expected dividend yield		0.0	%		0.0	%

Summary of Stock Options Activity

The following table summarizes 2024 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, 2023		10,539		$	15.46
Granted		2,996		$	18.66
Exercised		(935	)	$	8.18
Forfeited		(967	)	$	23.15
Outstanding as of December 31, 2024		11,633		$	16.35		7.53	$	11,987
Exercisable as of December 31, 2024		6,693		$	16.10		6.88	$	10,368

Summary of Activity Related to RSUs

The following table summarizes the activity related to RSUs during 2024 (shares in thousands):

	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding unvested as of December 31, 2023		804		$	11.98
Granted		836		$	17.54
Vested		(219	)	$	12.29
Forfeited		(124	)	$	14.84
Outstanding unvested as of December 31, 2024 (1)		1,297		$	15.24

(1)The number outstanding 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.