Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan for service and performance based vesting conditions during the three months ended March 31, 2025 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, 2024		9,447,790		$	32.73		7.37	$	97,715
Granted		1,641,739			31.00
Exercised		(75,652	)		7.08
Forfeited		(97,390	)		42.83
Outstanding at March 31, 2025		10,916,487		$	32.56		7.55	$	41,937
Exercisable at March 31, 2025		6,560,543		$	30.85		6.56	$	40,253

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, 2025 and 2024 is as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Research and development	$	7,546	$	6,083
General and administrative		6,688		5,885
Total equity-based compensation	$	14,234	$	11,968

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, 2025 and 2024 were as follows:

	Three Months Ended March 31,
	2025			2024
Expected term (in years)		5.82			5.79
Volatility		73	%		65	%
Risk-free interest rate		4.00	%		4.13	%
Dividend yield		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 months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Research and development	$	5,713	$	5,040
General and administrative		5,857		5,322
Total equity-based compensation	$	11,570	$	10,362

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, 2025 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2024		749,604		$	32.24
Granted		613,523			30.48
Vested		(146,869	)		38.03
Forfeited		(6,269	)		32.60
Unvested at March 31, 2025		1,209,989		$	30.65