Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the nine months ended September 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		2,525,540			30.41
Exercised		(335,065	)		6.86
Forfeited		(697,825	)		40.11
Outstanding at September 30, 2023		8,249,939		$	28.25		7.90	$	21,333
Exercisable at September 30, 2023		4,574,209		$	24.87		7.15	$	19,715

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	5,795	$	4,852	$	16,227	$	13,522
General and administrative		5,860		4,224		15,993		13,049
Total equity-based compensation	$	11,655	$	9,076	$	32,220	$	26,571

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, 2023 and 2022 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Expected term (in years)		6.08			6.01			5.86			5.84
Volatility		62	%		63	%		62	%		62	%
Risk-free interest rate		4.14	%		3.01	%		4.06	%		1.95	%
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 nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	4,931	$	4,348	$	14,091	$	12,383
General and administrative		5,440		4,052		14,899		12,689
Total equity-based compensation	$	10,371	$	8,400	$	28,990	$	25,072

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 nine months ended September 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		393,556
Vested		(36,371	)
Forfeited		(51,361	)
Unvested at September 30, 2023		587,667		$	25.60