Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Stock Option and Grant Plan during the three months ended March 31, 2021 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, 2020		5,832,712		$	8.17		9.08	$	314,001
Granted		1,383,827			49.96
Exercised		(378,762	)		3.03
Forfeited		(15,310	)		9.37
Outstanding at March 31, 2021		6,822,467		$	16.92		9.08	$	165,741
Exercisable at March 31, 2021		1,552,344		$	4.03		8.60	$	54,081

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, 2021 and 2020 is as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Research and development	$	1,725	$	239
General and administrative		1,447		132
Total equity-based compensation	$	3,172	$	371

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, 2021 and 2020 were as follows:

	Three Months Ended March 31,
	2021			2020
Expected term (in years)		5.81			6.03
Volatility		66	%		68	%
Risk-free interest rate		0.84	%		1.68	%
Dividend yield		0.00	%		0.00	%

Summary of Restricted Stock Activity

The Company has granted shares of restricted common stock with service-based and performance-based vesting conditions. A summary of restricted stock activity under the 2018 Plan during the three months ended March 31, 2021 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2020		110,104		$	1.60
Vested		(18,428	)		1.60
Unvested at March 31, 2021		91,676		$	1.60

Stock Options

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, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Research and development	$	1,676	$	182
General and administrative		1,439		128
Total equity-based compensation	$	3,115	$	310