Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the year ended December 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		1,761,441			35.33
Exercised		(601,594	)		5.24
Forfeited		(641,740	)		33.89
Outstanding at December 31, 2022		6,757,289		$	27.60		8.01	$	55,934
Exercisable at December 31, 2022		3,505,520		$	23.27		7.61	$	38,500

Summary of Equity-Based Compensation Expense

The following table outlines equity-based compensation expense for stock options for the years ended December 31, 2022, 2021 and 2020:

	Year ending December 31,
	2022		2021		2020
Research and development	$	16,388	$	11,161	$	2,084
General and administrative		16,941		12,628		2,864
Total equity-based compensation	$	33,329	$	23,789	$	4,948

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 years ended December 31, 2022, 2021 and 2020:

	Year ending December 31,
	2022			2021			2020
Expected term (in years)		5.86			5.87		6.09
Volatility		62	%		66	%		70	%
Risk-free interest rate		2.1	%		0.9	%		0.5	%
Dividend yield		0.0	%		0.0	%		0.0	%

Summary of Restricted Stock Activity

A summary of restricted stock activity under the 2018 Plan during the year ended December 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		295,892			24.01
Vested		(36,866	)		1.60
Forfeited		(14,928	)		29.93
Unvested at December 31, 2022		281,843		$	23.64

Stock Options

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 years ended December 31, 2022, 2021 and 2020 is as follows (in thousands):

	Years ending December 31,
	2022		2021		2020
Research and development	$	18,008	$	11,731	$	2,305
General and administrative		17,472		13,241		2,885
Total equity-based compensation	$	35,480	$	24,972	$	5,190