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Equity-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Equity-Based Compensation |
Equity-Based Compensation | 7. 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, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Research and development expense | ​ | $ | 2,838 | ​ | $ | 3,116 | ​ | $ | 5,483 | ​ | $ | 6,523
General and administrative expense | ​ |  | 3,980 | ​ |  | 3,675 | ​ |  | 7,505 | ​ |  | 7,096
​ | ​ | $ | 6,818 | ​ | $ | 6,791 | ​ | $ | 12,988 | ​ | $ | 13,619
​ ​ The following table summarizes the Company’s unrecognized equity-based compensation expense as of June 30, 2023: ​
​ | ​ | ​ | ​ | ​
​ | ​
​ | As of June 30, 2023
​ | ​ | Unrecognized Expense (in thousands) |  | Weighted Average Remaining Period of Recognition (years)
Restricted Stock Units | $ | 22,107 | ​ | 3.0
Stock Options | ​ | 40,247 | ​ | 2.7
​ | $ | 62,354 | ​ | ​
​ 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, 2022 |  | 1,667,522 | ​ | $ | 14.17
Granted |  | 1,091,755 | ​ | $ | 9.64
Vested |  | (492,413) | ​ | $ | 13.53
Forfeited |  | (219,838) | ​ | $ | 9.97
Restricted stock units as of June 30, 2023 |  | 2,047,026 | ​ | $ | 12.36
​ The total fair value of restricted stock units vested during the six months ended June 30, 2023 was $4.9 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, 2022 |  | 6,242,784 | ​ | $ | 17.12 | ​ | 7.74 | ​ | $ | 5,835
Granted |  | 2,032,966 | ​ | $ | 9.55 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (82,039) | ​ | $ | 6.53 | ​ | ​ | ​ | ​ | ​
Cancelled |  | (358,516) | ​ | $ | 16.45 | ​ | ​ | ​ | ​ | ​
Outstanding as of June 30, 2023 |  | 7,835,195 | ​ | $ | 15.29 | ​ | 7.82 | ​ | $ | 3,004
Options exercisable as of June 30, 2023 |  | 3,143,796 | ​ | $ | 18.90 | ​ | 5.85 | ​ | $ | 1,760
​ Using the Black-Scholes option pricing model, the weighted average fair value of options granted during the six months ended June 30, 2023 was $7.32. The following weighted average assumptions were used in determining the fair value of options granted in the six months ended June 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​
​ | Six Months Ended | ​
​ | June 30, | ​
​ | 2023 |  | 2022 | ​
Risk-free interest rate | 3.84 | % | 2.63 | %
Expected dividend yield | 0.0 | % | 0.0 | %
Expected term (years to liquidity) | 6.13 | ​ | 5.83 | ​
Expected volatility | 90.51 | % | 87.51 | %
​

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