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Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Equity-Based Compensation

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 years ended December 31, 2021 and 2020 (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2021			2020
Research and development expense	​	$	10,176	​	$	3,554
General and administrative expense	​		12,973	​		7,621
​	​	$	23,149	​	$	11,175

Summary of unrecognized equity-based compensation expense

​

​	​	​	​	​
​	​
​	As of December 31, 2021
​	​	Unrecognized Expense (in thousands)		Weighted Average Remaining Period of Recognition (years)
Restricted Stock Units	​	12,079	​	3.3
Stock Options	​	45,364	​	2.4
​	$	57,443	​	​

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, 2020		3,679,931	​	$	14.96		8.01	​	$	123,600
Granted		1,462,930	​	$	49.23	​	​	​	​	​
Exercised	​	(556,629)	​	$	12.38	​	​	​	​	​
Cancelled		(842,832)	​	$	29.12	​	​	​	​	​
Outstanding as of December 31, 2021		3,743,400	​	$	25.55	​	8.06	​	$	26,272
Options exercisable as of December 31, 2021		1,544,062	​	$	18.42	​	7.18	​	$	14,851

Schedule of weighted average assumptions in fair value

​

​	​	​	​	​
​	Year Ended			​
​	December 31,			​
​	2021		2020	​
Risk-free interest rate	0.86	%	0.92	%
Expected dividend yield	0.0	%	0.0	%
Expected term (years to liquidity)	6.22	​	6.21	​
Expected volatility	87.62	%	82.09	%

Restricted stock awards

Equity-Based Compensation

Summary of stock activity

​

​	​	​	​	​	​
​		​		Weighted
​	​	​	​	Average Fair
​	​	​	​	Value per Share
​		Number of Shares		at Issuance
Restricted stock awards as of December 31, 2020		57,969	​	$	5.77
Vested		(57,969)	​	$	5.77
Restricted stock awards as of December 31, 2021		—	​	$	—

Restricted Stock Units

Equity-Based Compensation

Summary of stock activity

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average Grant
​		Number of Units		Date Fair Value
Restricted stock units as of December 31, 2020		—	​	$	—
Granted		392,661	​	$	49.48
Forfeited		(77,760)	​	$	57.98
Restricted stock units as of December 31, 2021		314,901	​	$	47.38

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- Definition

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