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Equity-Based Compensation
6 Months Ended
Jun. 30, 2024
Equity-Based Compensation  
Equity-Based Compensation

8. 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 six months ended June 30, 2024 and 2023 (in thousands):

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2024

    

2023

    

2024

    

2023

Research and development expense

$

4,050

$

2,838

$

7,581

$

5,483

General and administrative expense

 

5,261

 

3,980

 

9,895

 

7,505

$

9,311

$

6,818

$

17,476

$

12,988

The following table summarizes the Company’s unrecognized equity-based compensation expense as of June 30, 2024:

As of June 30, 2024

Unrecognized Expense (in thousands)

    

Weighted Average Remaining Period of Recognition (years)

Restricted Stock Units

$

35,116

2.8

Stock Options

42,470

2.6

$

77,586

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the current year:

Weighted

Average Grant

    

Number of Units

    

Date Fair Value

Restricted stock units as of December 31, 2023

 

2,089,552

$

11.92

Granted

 

1,647,159

$

14.98

Vested

 

(601,170)

$

12.16

Forfeited

 

(150,878)

$

12.38

Restricted stock units as of June 30, 2024

 

2,984,663

$

13.54

The total fair value of restricted stock units vested during the six months ended June 30, 2024 was $8.2 million.

Stock Options

The following table summarizes the Company’s stock option activity for the current year:

Weighted

Weighted

Average

Number of 

Average

Remaining

Aggregate

    

Shares

    

Exercise Price

    

Contractual Term

    

Intrinsic Value

(in years)

(in thousands)

Outstanding as of December 31, 2023

 

7,300,953

$

15.00

7.90

$

52,299

Granted

 

2,196,217

$

14.98

Exercised

(53,910)

$

6.09

Cancelled

 

(275,708)

$

17.91

Outstanding as of June 30, 2024

 

9,167,552

$

14.96

7.86

$

3,529

Options exercisable as of June 30, 2024

 

4,473,458

$

16.82

6.75

$

2,506

Using the Black-Scholes option pricing model, the weighted average fair value of options granted during the six months ended June 30, 2024 was $11.50.

The following weighted average assumptions were used in determining the fair value of options granted in the six months ended June 30, 2024 and 2023:

Six Months Ended

June 30, 

2024

    

2023

Risk-free interest rate

4.18

%  

3.84

%

Expected dividend yield

0.0

%  

0.0

%

Expected term (years to liquidity)

5.98

6.13

Expected volatility

91.35

%  

90.51

%