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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Stock Option Activity

Stock option activity under the Plans, including the EPA Program discussed below is as follows:

 

 

 

 

Number of
Shares
Outstanding
(in thousands)

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Intrinsic value
(in thousands)

 

Balance as of December 31, 2022(1)

 

 

50,124

 

 

$

8.65

 

 

 

6.05

 

 

 

 

Cancelled and forfeited(2)

 

 

(864

)

 

 

22.50

 

 

 

—

 

 

 

 

Exercised

 

 

(5,094

)

 

 

1.14

 

 

 

—

 

 

 

 

Balance as of June 30, 2023

 

 

44,166

 

 

$

9.25

 

 

 

5.91

 

 

$

172,064

 

Vested and expected to vest as of June 30, 2023(3)

 

 

35,095

 

 

$

5.68

 

 

 

5.25

 

 

$

172,064

 

Vested and exercisable as of June 30, 2023

 

 

27,434

 

 

$

1.91

 

 

 

4.44

 

 

$

166,717

 

 

(1) This includes 16.0 million options granted and outstanding as of December 31, 2022 pursuant to the EPA Program.

(2) This includes 0.8 million options under the EPA Program.

(3) This includes 6.0 million options granted pursuant to the EPA Program that are currently expected to vest. None of the options granted pursuant to the EPA Program were vested and exercisable as of June 30, 2023.
 
Summary of Vesting Tranches

Each of the five Tranches vest only if the Company achieves one of the business milestones (in addition to the business milestones already achieved in a prior Tranche) and achieves the applicable stock price target on or after the business milestone is achieved, within 10 years of the initial grants. Additionally, in order to vest in any Tranche, Participants generally must continue to provide service through the date of vesting in the same position, or a similar or higher role, as when the EPA Program awards are granted.

Tranche

Business Milestone Requirement

Stock Price Target

1

Achievement of 1 business milestone

$60

2

Achievement of 2 business milestones (inclusive of the business milestone applicable to Tranche 1)

$120

3

Achievement of 3 business milestones (inclusive of the business milestone applicable to Tranche 2)

$180

4

Achievement of 4 business milestones (inclusive of the business milestone applicable to Tranche 3)

$240

5

Achievement of 5 business milestones (inclusive of the business milestone applicable to Tranche 4)

$300

Schedule of Restricted Stock Units with Service Condition and Performance Stock Unit Activities

Restricted stock units with service conditions only (“RSU”) and PSU activities under the Plans are as follows:

 

 

 

RSUs Outstanding

 

 

PSUs Outstanding

 

 

 

Number of
Units
(in thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

 

Number of
Units
(in thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

Balance as of December 31, 2022

 

 

16,563

 

 

$

13.79

 

 

 

—

 

 

$

—

 

Granted

 

 

15,614

 

 

 

7.53

 

 

 

4,031

 

 

 

7.78

 

Vested

 

 

(4,007

)

 

 

11.73

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(1,383

)

 

 

13.82

 

 

 

—

 

 

 

—

 

Balance as of June 30, 2023

 

 

26,787

 

 

$

10.45

 

 

 

4,031

 

 

$

7.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Stock-based Compensation Expense

Total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for all awards is as follows (amounts in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development

 

$

28,177

 

 

$

14,786

 

 

$

47,413

 

 

$

28,023

 

General and administrative

 

 

21,815

 

 

 

16,140

 

 

 

40,569

 

 

 

31,384

 

Total stock-based compensation expense

 

$

49,992

 

 

$

30,926

 

 

$

87,982

 

 

$

59,407