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Equity-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-Based Compensation Expense

Stock‑based compensation expense by classification within the consolidated statements of operations and comprehensive income (loss) is as follows (in thousands):

		Years Ended December 31,
		2020				2019				2018
Research and development		$	35,120			$	23,273			$	17,557
General and administrative			30,898				20,784				17,428
Loss from equity method investment			—				5,467				4,275
Total		$	66,018			$	49,524			$	39,260

Fair Value of Each Option Issued to Employees and Non-employees Estimated Using Black-Scholes Option-Pricing Model

The fair value of each option issued to employees and non-employees was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

		Years Ended December 31,
		2020				2019				2018
Options granted			2,182,773				2,832,784				2,209,597
Weighted-average exercise price		$	68.91			$	39.16			$	51.73
Weighted-average grant date fair value		$	42.28			$	24.57			$	33.82
Assumptions:
Expected volatility			69.2	%			68.9	%			71.9	%
Expected term (in years)			6.0				6.0				6.0
Risk-free interest rate			0.6	%			2.2	%			2.8	%
Expected dividend yield			0.0	%			0.0	%			0.0	%

Summary of Stock Option Activity

The following table summarizes stock option activity under the Company’s equity award plans (intrinsic value in thousands):

		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (years)				Aggregate Intrinsic Value
Outstanding at December 31, 2019			7,782,437			$	31.30				8.2			$	231,554
Granted			2,182,773			$	68.91
Exercised			(1,517,735	)		$	23.53
Cancelled or forfeited			(345,495	)		$	41.61
Outstanding at December 31, 2020			8,101,980			$	42.44				7.8				896,666
Exercisable at December 31, 2020			3,838,372			$	30.43				7.0			$	470,907
Vested and expected to vest at    December 31, 2020			8,101,980			$	42.44				7.8			$	896,666

Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity under the Company’s equity award plans:

		Shares				Weighted- Average Grant Date Fair Value
Unvested balance at December 31, 2019			699,534			$	56.53
Granted			437,670				77.92
Vested			(204,650	)			42.92
Cancelled or forfeited			(38,462	)			46.33
Unvested balance at December 31, 2020			894,092			$	70.55

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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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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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