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Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of RSUs Activity Under the Plan

Total stock-based compensation expense related to stock options, RSUs and the ESPP by function was as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Research and development

 

$

16,380

 

 

$

10,244

 

General and administrative

 

 

8,704

 

 

 

5,964

 

Total

 

$

25,084

 

 

$

16,208

 
2020 Plan and 2014 Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Option Activity Under the Plan

The following summarizes option activity under both the 2020 Plan and the 2014 Plan:

 

 

 

Number of
Shares
underlying
options

 

 

Weighted-
average
exercise price

 

 

Weighted-
average
remaining
contractual
term

 

 

Aggregate
intrinsic
value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Balance, December 31, 2024

 

 

13,985,538

 

 

$

24.25

 

 

 

7.36

 

 

$

276,335

 

Options granted

 

 

2,859,335

 

 

 

40.96

 

 

 

 

 

 

 

Options exercised

 

 

(90,043

)

 

 

9.90

 

 

 

 

 

 

 

Options cancelled and forfeited

 

 

(20,198

)

 

 

32.48

 

 

 

 

 

 

 

Balance, March 31, 2025

 

 

16,734,632

 

 

$

27.17

 

 

 

7.59

 

 

$

170,683

 

Options vested and exercisable as of March 31, 2025

 

 

8,185,474

 

 

$

19.80

 

 

 

6.15

 

 

$

133,644

 

 
2020 Equity Incentive Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of RSUs Activity Under the Plan

Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the three months ended March 31, 2025 was as follows:

 

 

 

Number of
Shares

 

 

Weighted-
average
grant date fair value per share

 

 

Weighted-
average
remaining contractual term

 

 

Aggregate intrinsic value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Balance, December 31, 2024

 

 

2,850,112

 

 

$

30.87

 

 

 

1.49

 

 

$

124,664

 

RSUs granted

 

 

1,277,655

 

 

 

41.05

 

 

 

 

 

 

 

RSUs vested

 

 

(271,536

)

 

 

27.22

 

 

 

 

 

 

 

RSUs forfeited

 

 

(13,774

)

 

 

32.34

 

 

 

 

 

 

 

Balance, March 31, 2025

 

 

3,842,457

 

 

$

34.50

 

 

 

1.61

 

 

 

135,869

 

Expected to vest as of March 31, 2025

 

 

3,842,457

 

 

$

34.50

 

 

 

1.61

 

 

 

135,869