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Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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 three and six months ended June 30, 2023 and 2022 (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

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

Summary of unrecognized equity-based compensation expense

​

​	​	​	​	​
​	​
​	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	​	​

Summary of stock activity

​

​	​	​	​	​	​
​	​	​	​	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

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, 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

Schedule of weighted average assumptions in fair value

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​	​	​	​	​
​	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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