Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the six months ended June 30, 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		2,393,371			42.02
Exercised		(355,339	)		12.84
Forfeited		(248,360	)		34.29
Outstanding at June 30, 2024		9,902,836		$	31.98		7.80	$	57,034
Exercisable at June 30, 2024		5,684,450		$	27.94		6.86	$	53,039

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, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	5,935	$	4,976	$	10,975	$	9,160
General and administrative		6,306		5,110		11,628		9,459
Total equity-based compensation	$	12,241	$	10,086	$	22,603	$	18,619

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, 2024 and 2023 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Expected term (in years)		5.71			5.95			5.78			5.85
Volatility		65	%		62	%		65	%		62	%
Risk-free interest rate		4.25	%		3.71	%		4.14	%		4.06	%
Dividend yield		0.00	%		0.00	%		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 and six months ended June 30, 2024 and 2023 is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	7,257	$	5,704	$	13,340	$	10,432
General and administrative		7,084		5,477		12,969		10,133
Total equity-based compensation	$	14,341	$	11,181	$	26,309	$	20,565

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, 2024 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2023		593,140		$	25.36
Granted		243,984			42.73
Vested		(163,903	)		25.32
Forfeited		(36,636	)		27.24
Unvested at June 30, 2024		636,585		$	31.92