Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the six months ended June 30, 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		1,500,116			37.15
Exercised		(262,527	)		3.15
Forfeited		(328,976	)		32.05
Outstanding at June 30, 2022		7,147,795		$	27.08		8.42	$	44,540
Exercisable at June 30, 2022		2,806,783		$	19.68		7.95	$	25,334

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 and six months ended June 30, 2022 and 2021 is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	4,765	$	2,917	$	8,670	$	4,642
General and administrative		4,857		2,809		8,825		4,256
Total equity-based compensation	$	9,622	$	5,726	$	17,495	$	8,898

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 and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Expected term (in years)		5.90			5.87			5.83			5.83
Volatility		62	%		65	%		62	%		66	%
Risk-free interest rate		3.00	%		1.05	%		1.87	%		0.90	%
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%

Stock Options

Summary of Equity-Based Compensation Expense

The following table outlines our equity-based compensation expense for stock options for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	4,346	$	2,821	$	8,035	$	4,458
General and administrative		4,726		2,792		8,638		4,226
Total equity-based compensation	$	9,072	$	5,613	$	16,673	$	8,684

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 six months ended June 30, 2022 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2021		37,745		$	1.60
Granted		276,902			24.06
Vested		(27,248	)		1.60
Forfeited		(5,438	)		32.58
Unvested at June 30, 2022		281,961		$	23.05