Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the six months ended June 30, 2023 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, 2022		6,757,289		$	27.60		8.01	$	55,934
Granted		2,396,715			30.86
Exercised		(276,692	)		7.82
Forfeited		(502,705	)		41.23
Outstanding at June 30, 2023		8,374,607		$	28.37		8.12	$	44,991
Exercisable at June 30, 2023		4,208,968		$	24.45		7.31	$	37,789

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, 2023 and 2022 is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	5,704	$	4,765	$	10,432	$	8,670
General and administrative		5,477		4,857		10,133		8,825
Total equity-based compensation	$	11,181	$	9,622	$	20,565	$	17,495

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, 2023 and 2022 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Expected term (in years)		5.95			5.90			5.85			5.83
Volatility		62	%		62	%		62	%		62	%
Risk-free interest rate		3.71	%		3.00	%		4.06	%		1.87	%
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%

Employee Stock Option

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, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	4,976	$	4,346	$	9,160	$	8,035
General and administrative		5,110		4,726		9,459		8,638
Total equity-based compensation	$	10,086	$	9,072	$	18,619	$	16,673

Summary of Restricted Stock Activity

The Company has granted shares of restricted stock units with service-based and performance-based vesting conditions. A summary of restricted stock activity during the six months ended June 30, 2023 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2022		281,843		$	23.64
Granted		263,986			30.65
Vested		(34,764	)		36.20
Forfeited		(43,973	)		27.99
Unvested at June 30, 2023		467,092		$	26.26