Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the three months ended March 31, 2024 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, 2023		8,113,164		$	28.25		7.69	$	49,622
Granted		2,192,471			42.99
Exercised		(281,021	)		14.00
Forfeited		(147,900	)		30.68
Outstanding at March 31, 2024		9,876,714		$	31.90		8.00	$	109,297
Exercisable at March 31, 2024		5,093,242		$	26.90		6.87	$	84,120

Summary of Equity-Based Compensation Expense

The following table outlines our equity-based compensation expense for stock options for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Research and development	$	5,040	$	4,184
General and administrative		5,322		4,349
Total equity-based compensation	$	10,362	$	8,533

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 months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,
	2024			2023
Expected term (in years)		5.79			5.82
Volatility		65	%		62	%
Risk-free interest rate		4.13	%		4.14	%
Dividend yield		0.00	%		0.00	%

Employee Stock Option

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 months ended March 31, 2024 and 2023 is as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Research and development	$	6,083	$	4,729
General and administrative		5,885		4,656
Total equity-based compensation	$	11,968	$	9,385

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 three months ended March 31, 2024 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2023		593,140		$	25.36
Granted		231,834			43.31
Vested		(83,209	)		33.08
Forfeited		(16,327	)		21.93
Unvested at March 31, 2024		725,438		$	30.29