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Equity-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Equity-Based Compensation |
Equity-Based Compensation | 8. 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 nine months ended September 30, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development expense | ​ | $ | 4,398 | ​ | $ | 2,858 | ​ | $ | 11,980 | ​ | $ | 8,341
General and administrative expense | ​ |  | 5,252 | ​ |  | 4,345 | ​ |  | 15,146 | ​ |  | 11,850
​ | ​ | $ | 9,650 | ​ | $ | 7,203 | ​ | $ | 27,126 | ​ | $ | 20,191
​ The following table summarizes the Company’s unrecognized equity-based compensation expense as of September 30, 2024: ​
​ | ​ | ​ | ​ | ​
​ | ​
​ | As of September 30, 2024
​ | ​ | Unrecognized Expense (in thousands) |  | Weighted Average Remaining Period of Recognition (years)
Restricted Stock Units | $ | 35,001 | ​ | 2.8
Stock Options | ​ | 40,456 | ​ | 2.6
​ | $ | 75,457 | ​ | ​
​ 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, 2023 |  | 2,089,552 | ​ | $ | 11.92
Granted |  | 2,126,820 | ​ | $ | 13.52
Vested |  | (649,559) | ​ | $ | 12.38
Forfeited |  | (179,956) | ​ | $ | 12.42
Restricted stock units as of September 30, 2024 |  | 3,386,857 | ​ | $ | 12.82
​ The total fair value of restricted stock units vested during the nine months ended September 30, 2024 was $8.6 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, 2023 |  | 7,300,953 | ​ | $ | 15.00 | ​ | 7.90 | ​ | $ | 52,299
Granted |  | 2,835,756 | ​ | $ | 13.52 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (94,988) | ​ | $ | 5.79 | ​ | ​ | ​ | ​ | ​
Cancelled |  | (371,557) | ​ | $ | 19.94 | ​ | ​ | ​ | ​ | ​
Outstanding as of September 30, 2024 |  | 9,670,164 | ​ | $ | 14.47 | ​ | 7.80 | ​ | $ | 2,967
Options exercisable as of September 30, 2024 |  | 4,831,989 | ​ | $ | 16.50 | ​ | 6.72 | ​ | $ | 2,310
​ Using the Black-Scholes option pricing model, the weighted average fair value of options granted during the nine months ended September 30, 2024 was $10.38. The following weighted average assumptions were used in determining the fair value of options granted in the nine months ended September 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​
​ | Nine Months Ended | ​
​ | September 30, | ​
​ | 2024 |  | 2023 | ​
Risk-free interest rate | 4.09 | % | 3.87 | %
Expected dividend yield | 0.0 | % | 0.0 | %
Expected term (years to liquidity) | 6.00 | ​ | 6.12 | ​
Expected volatility | 91.15 | % | 90.54 | %
​

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