Equity-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Equity-Based Compensation |
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| Summary of allocation of equity-based compensation |
The Company recorded equity-based compensation expense related to all equity-based awards, which was allocated as follows in the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | Research and development expense | | $ | 2,858 | | $ | 4,144 | | $ | 8,341 | | $ | 10,667 | General and administrative expense | | | 4,345 | | | 3,773 | | | 11,850 | | | 10,869 | | | $ | 7,203 | | $ | 7,917 | | $ | 20,191 | | $ | 21,536 |
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| Summary of unrecognized equity-based compensation expense |
| | | | | | | | As of September 30, 2023 | | | Unrecognized Expense (in thousands) | | Weighted Average Remaining Period of Recognition (years) | Restricted Stock Units | $ | 20,192 | | 2.8 | Stock Options | | 35,201 | | 2.5 | | $ | 55,393 | | |
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| Summary of stock activity |
| | | | | | | | | | Weighted | | | | | Average Grant | | | Number of Units | | Date Fair Value | Restricted stock units as of December 31, 2022 | | 1,667,522 | | $ | 14.17 | Granted | | 1,204,437 | | $ | 9.41 | Vested | | (516,703) | | $ | 14.18 | Forfeited | | (273,649) | | $ | 10.36 | Restricted stock units as of September 30, 2023 | | 2,081,607 | | $ | 11.91 |
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| Summary of stock option activity |
| | | | | | | | | | | | | | | | | | Weighted | | | | | | | | Weighted | | Average | | | | | | Number of | | Average | | Remaining | | Aggregate | | | Shares | | Exercise Price | | Contractual Term | | Intrinsic Value | | | | | | | | (in years) | | (in thousands) | Outstanding as of December 31, 2022 | | 6,242,784 | | $ | 17.12 | | 7.74 | | $ | 5,835 | Granted | | 2,183,202 | | $ | 9.38 | | | | | | Exercised | | (131,643) | | $ | 6.19 | | | | | | Cancelled | | (871,931) | | $ | 18.16 | | | | | | Outstanding as of September 30, 2023 | | 7,422,412 | | $ | 14.91 | | 8.08 | | $ | 2,329 | Options exercisable as of September 30, 2023 | | 3,175,533 | | $ | 18.07 | | 6.91 | | $ | 1,472 |
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| Schedule of weighted average assumptions in fair value |
| | | | | | Nine Months Ended | | | September 30, | | | 2023 | | 2022 | | Risk-free interest rate | 3.87 | % | 2.99 | % | Expected dividend yield | 0.0 | % | 0.0 | % | Expected term (years to liquidity) | 6.12 | | 5.97 | | Expected volatility | 90.54 | % | 88.47 | % |
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