Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the year ended December 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		2,513,259			42.22
Exercised		(844,917	)		14.75
Forfeited		(333,716	)		38.74
Outstanding at December 31, 2024		9,447,790		$	32.73		7.37	$	97,715
Exercisable at December 31, 2024		6,197,359		$	30.20		6.66	$	81,811

Summary of Equity-Based Compensation Expense

The following table outlines equity-based compensation expense for stock options for the years ended December 31, 2024, 2023 and 2022:

	Year ending December 31,
	2024		2023		2022
Research and development	$	21,965	$	18,525	$	16,388
General and administrative		24,166		20,025		16,941
Total equity-based compensation	$	46,131	$	38,550	$	33,329

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 years ended December 31, 2024, 2023 and 2022:

	Year ending December 31,
	2024			2023			2022
Expected term (in years)		5.80			5.87		5.86
Volatility		65	%		62	%		62	%
Risk-free interest rate		4.1	%		4.1	%		2.1	%
Dividend yield		0.0	%		0.0	%		0.0	%

Summary of Restricted Stock Activity

A summary of restricted stock activity during the year ended December 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		400,917			38.77
Vested		(174,463	)		25.01
Forfeited		(69,990	)		29.32
Unvested at December 31, 2024		749,604		$	32.24

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 years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):

	Years ending December 31,
	2024		2023		2022
Research and development	$	27,766	$	21,555	$	18,008
General and administrative		27,246		21,563		17,472
Total equity-based compensation	$	55,012	$	43,118	$	35,480