Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the six months ended June 30, 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		1,871,037			49.07
Exercised		(801,233	)		3.27
Forfeited		(89,527	)		13.85
Outstanding at June 30. 2021		6,812,989		$	19.90		8.93	$	197,003
Exercisable at June 30, 2021		1,596,721		$	7.48		8.49	$	65,526

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	2,917	$	423	$	4,642	$	662
General and administrative		2,809		241		4,256		373
Total equity-based compensation	$	5,726	$	664	$	8,898	$	1,035

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, 2021 and 2020 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Expected term (in years)		5.87			6.27			5.83			6.22
Volatility		65	%		70	%		66	%		78	%
Risk-free interest rate		1.05	%		0.41	%		0.90	%		0.65	%
Dividend yield		0.00	%		0.00	%		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 six months ended June 30, 2021 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2020		110,104		$	1.60
Vested		(36,582	)		1.60
Unvested at June 30, 2021		73,522		$	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 and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	2,821	$	371	$	4,458	$	553
General and administrative		2,792		235		4,226		363
Total equity-based compensation	$	5,613	$	606	$	8,684	$	916