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Equity-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the nine months ended September 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

 

 

2,473,796

 

 

 

42.14

 

 

 

 

 

 

 

Exercised

 

 

(695,821

)

 

 

13.82

 

 

 

 

 

 

 

Forfeited

 

 

(267,571

)

 

 

36.04

 

 

 

 

 

 

 

Outstanding at September 30, 2024

 

 

9,623,568

 

 

$

32.68

 

 

 

7.62

 

 

$

149,181

 

Exercisable at September 30, 2024

 

 

5,842,808

 

 

$

29.50

 

 

 

6.79

 

 

$

110,889

 
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, 2024 and 2023 is as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

7,604

 

 

$

5,795

 

 

$

20,944

 

 

$

16,227

 

General and administrative

 

 

7,300

 

 

 

5,860

 

 

 

20,269

 

 

 

15,993

 

Total equity-based compensation

 

$

14,904

 

 

$

11,655

 

 

$

41,213

 

 

$

32,220

 
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, 2024 and 2023 were as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Expected term (in years)

 

 

6.08

 

 

 

6.08

 

 

 

5.79

 

 

 

5.86

 

Volatility

 

 

67

%

 

 

62

%

 

 

65

%

 

 

62

%

Risk-free interest rate

 

 

3.69

%

 

 

4.14

%

 

 

4.12

%

 

 

4.06

%

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, 2024 and 2023:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

5,950

 

 

$

4,931

 

 

$

16,925

 

 

$

14,091

 

General and administrative

 

 

6,432

 

 

 

5,440

 

 

 

18,060

 

 

 

14,899

 

Total equity-based compensation

 

$

12,382

 

 

$

10,371

 

 

$

34,985

 

 

$

28,990

 
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, 2024 is as follows:

 

 

 

Number of
Units
Outstanding

 

 

Grant Date
Fair Value
per Share

 

Unvested at December 31, 2023

 

 

593,140

 

 

$

25.36

 

Granted

 

 

396,272

 

 

 

38.68

 

Vested

 

 

(168,731

)

 

 

25.25

 

Forfeited

 

 

(37,386

)

 

 

27.38

 

Unvested at September 30, 2024

 

 

783,295

 

 

$

32.03