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Equity-Based Compensation (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 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 |  |  | 2,334,339 |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (629,222 | ) |  |  |  |  |  |  |  |  |
Forfeited |  |  | (609,314 | ) |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 10,543,593 |  |  | $ | 33.03 |  |  |  | 7.24 |  |  | $ | 250,055 |
Exercisable at September 30, 2025 |  |  | 7,019,386 |  |  | $ | 31.89 |  |  |  | 6.41 |  |  | $ | 174,944 |
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 nine months ended September 30, 2025 and 2024 is as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 8,360 |  |  | $ | 7,604 |  |  | $ | 23,943 |  |  | $ | 20,944 |
General and administrative |  |  | 7,442 |  |  |  | 7,300 |  |  |  | 21,508 |  |  |  | 20,269 |
Total equity-based compensation |  | $ | 15,802 |  |  | $ | 14,904 |  |  | $ | 45,451 |  |  | $ | 41,213 |
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 nine months ended September 30, 2025 and 2024 were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Expected term (in years) |  |  | 6.08 |  |  |  | 6.08 |  |  |  | 5.86 |  |  |  | 5.79 |
Volatility |  |  | 94 | % |  |  | 67 | % |  |  | 79 | % |  |  | 65 | %
Risk-free interest rate |  |  | 3.81 | % |  |  | 3.69 | % |  |  | 3.98 | % |  |  | 4.12 | %
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 nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 5,919 |  |  | $ | 5,950 |  |  | $ | 17,615 |  |  | $ | 16,925 |
General and administrative |  |  | 6,626 |  |  |  | 6,432 |  |  |  | 18,891 |  |  |  | 18,060 |
Total equity-based compensation |  | $ | 12,545 |  |  | $ | 12,382 |  |  | $ | 36,506 |  |  | $ | 34,985 |
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 nine months ended September 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 |  |  | 1,048,773 |  |  |  | 33.00 |
Vested |  |  | (278,130 | ) |  |  | 29.75 |
Forfeited |  |  | (154,235 | ) |  |  | 32.04 |
Unvested at September 30, 2025 |  |  | 1,366,012 |  |  | $ | 33.35 |

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