Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Equity-based Compensation Expense

The following table summarizes equity-based compensation expense included in our unaudited condensed consolidated statements of operations and comprehensive loss:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Research and development	$	4,802	$	2,122	$	8,808	$	3,919
General and administrative		5,346		3,062		9,898		7,402
Total equity-based compensation expense included in total operating expense	$	10,148	$	5,184	$	18,706	$	11,321

The following table summarizes equity-based compensation expense by award type included in our unaudited condensed consolidated statements of operations and comprehensive loss:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Stock options	$	9,943	$	5,024	$	18,302	$	11,063
Restricted stock units		19		21		28		43
Employee stock purchase plan		186		139		376		215
Total equity-based compensation expense included in total operating expense	$	10,148	$	5,184	$	18,706	$	11,321

Summary of Stock Options Activity

The following table summarizes our stock option activity for the six months ended June 30, 2022:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		16,066,064		$	9.92		8.09	$	362,250
Granted		2,726,531		$	30.12
Exercised		(609,628	)	$	7.10
Forfeited, canceled or expired		(240,072	)	$	15.92
Outstanding at June 30, 2022		17,942,895		$	13.01		7.98	$	254,755
Options vested and expected to vest as of June 30, 2022		17,942,895		$	13.01		7.98	$	254,755
Options exercisable as of June 30, 2022		8,198,252		$	7.43		7.16	$	155,871

Summary of Weighted Average Assumptions Used to Determine Fair Value of Stock Options Granted to Employees and Directors

The weighted-average assumptions that we used to determine the fair value of stock options granted to employees and directors are summarized as follows:

	For the Six Months Ended June 30,
	2022			2021
Risk free interest rate		2.04	%		0.76	%
Expected term (in years)		6.04			6.04
Expected volatility		96.0	%		94.0	%
Expected dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	23.39		$	9.87