Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the three months ended March 31, 2023 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, 2022		6,757,289		$	27.60		8.01	$	55,934
Granted		1,930,540			31.25
Exercised		(208,705	)		7.12
Forfeited		(187,393	)		39.41
Outstanding at March 31, 2023		8,291,731		$	28.70		8.27	$	67,120
Exercisable at March 31, 2023		3,711,610		$	24.28		7.42	$	48,572

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, 2023 and 2022 is as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Research and development	$	4,729	$	3,906
General and administrative		4,656		3,967
Total equity-based compensation	$	9,385	$	7,873

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, 2023 and 2022 were as follows:

	Three Months Ended March 31,
	2023			2022
Expected term (in years)		5.82			5.81
Volatility		62	%		62	%
Risk-free interest rate		4.14	%		1.59	%
Dividend yield		0.00	%		0.00	%

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, 2023 and 2022:

	Three Months Ended March 31,
	2023		2022
Research and development	$	4,184	$	3,689
General and administrative		4,349		3,912
Total equity-based compensation	$	8,533	$	7,601

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 during the three months ended March 31, 2023 is as follows:

	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2022		281,843		$	23.64
Granted		216,289			30.84
Vested		(28,141	)		38.53
Forfeited		(17,270	)		25.84
Unvested at March 31, 2023		452,721		$	26.07