v3.25.2
Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan for service and performance based vesting conditions during the six months ended June 30, 2025 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, 2024

 

 

9,447,790

 

 

$

32.73

 

 

 

7.37

 

 

$

97,715

 

Granted

 

 

2,152,339

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(353,738

)

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(291,410

)

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2025

 

 

10,954,981

 

 

$

32.66

 

 

 

7.42

 

 

$

134,246

 

Exercisable at June 30, 2025

 

 

6,905,441

 

 

$

31.35

 

 

 

6.49

 

 

$

97,694

 

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, 2025 and 2024 is as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

8,037

 

 

$

7,257

 

 

$

15,583

 

 

$

13,340

 

General and administrative

 

 

7,378

 

 

 

7,084

 

 

 

14,066

 

 

 

12,969

 

Total equity-based compensation

 

$

15,415

 

 

$

14,341

 

 

$

29,649

 

 

$

26,309

 

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, 2025 and 2024 were as follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Expected term (in years)

 

 

5.93

 

 

 

5.71

 

 

 

5.85

 

 

 

5.78

 

Volatility

 

 

94

%

 

 

65

%

 

 

78

%

 

 

65

%

Risk-free interest rate

 

 

3.97

%

 

 

4.25

%

 

 

3.99

%

 

 

4.14

%

Dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Employee Stock Option  
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, 2025 and 2024:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

5,983

 

 

$

5,935

 

 

$

11,696

 

 

$

10,975

 

General and administrative

 

 

6,408

 

 

 

6,306

 

 

 

12,265

 

 

 

11,628

 

Total equity-based compensation

 

$

12,391

 

 

$

12,241

 

 

$

23,961

 

 

$

22,603

 

Summary of Restricted Stock Activity

The Company has granted shares of restricted stock units with service-based and performance-based vesting conditions. A summary of restricted stock activity during the six months ended June 30, 2025 is as follows:

 

 

 

Number of
Units
Outstanding

 

 

Grant Date
Fair Value
per Share

 

Unvested at December 31, 2024

 

 

749,604

 

 

$

32.24

 

Granted

 

 

804,823

 

 

 

29.96

 

Vested

 

 

(224,882

)

 

 

30.97

 

Forfeited

 

 

(54,544

)

 

 

33.16

 

Unvested at June 30, 2025

 

 

1,275,001

 

 

$

30.99