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Equity-Based Compensation

9 Months Ended

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):

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​

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​

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​

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​

​

​

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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:

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​	​	​	​	​
​	​
​	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:

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​	​	​	​	​	​
​	​	​	​	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:

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	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:

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​	​	​	​	​
​	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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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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