XML 23 R13.htm IDEA: XBRL DOCUMENT v3.23.2

Equity-Based Compensation

6 Months Ended

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	%

​

X

- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI https://asc.fasb.org/topic&trid=2228938

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration