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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Stock Option Activity

Stock option activity in 2024 for employee and non-employee awards and related information is as follows (in thousands, except per share and contractual term data):

			Number of Outstanding Options						Weighted- Average Exercise Price Per Share						Weighted- Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value
Balance at December 31, 2023			12,495						$	14.91
Granted			4,162						27.06
Exercised			(3,498)						13.78
Forfeited/expired			(524)						15.70
Balance at December 31, 2024			12,635						$	19.19					7.88						$	149,957
Vested and expected to vest at December 31, 2024			12,635						$	19.19					7.88						$	149,957
Exercisable at December 31, 2024			5,772						$	15.32					6.89						$	79,900

The following summarizes additional information regarding stock options (in thousands, except per share data):

			Year Ended December 31,
			2024						2023						2022
Cash received from options exercised			$	48,207					$	573					$	470
Intrinsic value of options exercised			$	83,422					$	2,421					$	6,724
Weighted-average grant date fair value per share			$	19.26					$	10.33					$	11.11

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the RSU activity for the year ended December 31, 2024 (in thousands, except per share data):

			Number of Shares						Weighted-Average Grant Date Fair Value
Balance at December 31, 2023			758						$	18.73
Granted			1,711						25.51
Vested			(184)						18.79
Forfeited			(174)						14.82
Balance at December 31, 2024			2,111						$	24.54

The following table summarizes the PSU activity for the year ended December 31, 2024 (in thousands, except per share data):

			Number of Shares						Weighted-Average Grant Date Fair Value
Balance at December 31, 2023			750						$	6.57
Granted			738						43.22
Vested			(563)						6.57
Forfeited			—						—
Balance at December 31, 2024			925						$	35.80

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in the Black-Scholes model to determine the fair value of stock option grants and shares purchasable under the ESPP were as follows:

			Options																		ESPP
			Year Ended December 31,																		Year Ended December 31,
			2024						2023						2022						2024						2023						2022
Risk-free interest rate			3.5% - 4.7%						3.5% - 4.9%						1.5% - 4.2%						4.3% - 5.4%						5.4%						2.2% - 4.7%
Expected volatility			79% - 82%						78% - 82%						85%						64% - 82%						68% - 76%						78% - 79%
Expected term (in years)			5.3 - 6.1						5.5 - 6.1						5.5 - 6.1						0.5						0.5						0.5
Expected dividend yield			—%						—%						—%						—%						—%						—%

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in the Black-Scholes model to determine the fair value of stock option grants and shares purchasable under the ESPP were as follows:

			Options																		ESPP
			Year Ended December 31,																		Year Ended December 31,
			2024						2023						2022						2024						2023						2022
Risk-free interest rate			3.5% - 4.7%						3.5% - 4.9%						1.5% - 4.2%						4.3% - 5.4%						5.4%						2.2% - 4.7%
Expected volatility			79% - 82%						78% - 82%						85%						64% - 82%						68% - 76%						78% - 79%
Expected term (in years)			5.3 - 6.1						5.5 - 6.1						5.5 - 6.1						0.5						0.5						0.5
Expected dividend yield			—%						—%						—%						—%						—%						—%

Schedule of Allocated Stock-based Compensation Expense

The allocation of stock-based compensation expense was as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
Research and development expense			$	26,120					$	22,007					$	15,222
General and administrative expense			25,243						16,215						11,917
Total stock-based compensation expense			$	51,363					$	38,222					$	27,139

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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