Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the nine months ended September 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		1,607,066			36.26
Exercised		(388,061	)		4.61
Forfeited		(440,556	)		31.85
Outstanding at September 30, 2022		7,017,631		$	27.31		8.20	$	49,515
Exercisable at September 30, 2022		3,211,321		$	21.57		7.78	$	31,362

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 nine months ended September 30, 2022 and 2021 is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	4,852	$	3,377	$	13,522	$	8,019
General and administrative		4,224		4,019		13,049		8,275
Total equity-based compensation	$	9,076	$	7,396	$	26,571	$	16,294

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 nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Expected term (in years)		6.01			6.06			5.84			5.86
Volatility		63	%		66	%		62	%		66	%
Risk-free interest rate		3.01	%		0.91	%		1.95	%		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 nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	4,348	$	3,255	$	12,383	$	7,713
General and administrative		4,052		3,995		12,689		8,222
Total equity-based compensation	$	8,400	$	7,250	$	25,072	$	15,935

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 nine months ended September 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		283,328
Vested		(36,866	)
Forfeited		(9,916	)
Unvested at September 30, 2022		274,291		$	23.87