Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the three months ended March 31, 2022 is as follows (in thousands except share and per share data):

	Number of Options Outstanding			Weighted Average Strike Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2021		6,239,182		$	23.91		8.56	$	246,933
Granted		1,202,466			40.66
Exercised		(142,270	)		3.16
Forfeited		(179,854	)		32.62
Outstanding at March 31, 2022		7,119,524		$	26.94		8.59	$	131,553
Exercisable at March 31, 2022		2,220,906		$	15.33		8.00	$	63,215

Summary of Equity-Based Compensation Expense

Total equity-based compensation expense recorded as research and development and general and administrative expenses for employees, directors, and non-employees during the three months ended March 31, 2022 and 2021 is as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Research and development	$	3,906	$	1,725
General and administrative		3,967		1,447
Total equity-based compensation	$	7,873	$	3,172

Summary of Weighted-Average Assumptions

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant date fair value of stock options granted to employees and non-employees for the three months ended March 31, 2022 and 2021 were as follows:

	Three Months Ended March 31,
	2022			2021
Expected term (in years)		5.81			5.81
Volatility		62	%		66	%
Risk-free interest rate		1.59	%		0.84	%
Dividend yield		0.00	%		0.00	%

Summary of Restricted Stock Activity

The Company has granted shares of restricted common stock with service-based and performance-based vesting conditions. A summary of restricted stock activity during the three months ended March 31, 2022 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2021		37,745		$	1.60
Granted		97,974			38.53
Vested		(14,215	)		1.60
Unvested at March 31, 2022		121,504		$	31.38

Stock Options

Summary of Equity-Based Compensation Expense

The following table outlines our equity-based compensation expense for stock options for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Research and development	$	3,689	$	1,676
General and administrative		3,912		1,439
Total equity-based compensation	$	7,601	$	3,115