XML 71 R34.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Equity-based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Research and development |  | $ | 59,683 |  |  | $ | 35,120 |  |  | $ | 23,273 |
General and administrative |  |  | 42,707 |  |  |  | 30,898 |  |  |  | 20,784 |
Loss from equity method investment |  |  | — |  |  |  | — |  |  |  | 5,467 |
Total |  | $ | 102,390 |  |  | $ | 66,018 |  |  | $ | 49,524 |
Fair Value of Each Option Issued to Employees Estimated Using Black-Scholes Option-Pricing Model | The fair value of each option issued to 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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Options granted |  |  | 1,616,255 |  |  |  | 2,182,773 |  |  |  | 2,832,784 |
Weighted-average exercise price |  | $ | 124.32 |  |  | $ | 68.91 |  |  | $ | 39.16 |
Weighted-average grant date fair value |  | $ | 77.38 |  |  | $ | 42.28 |  |  | $ | 24.57 |
Assumptions: |  |  |  |  |  |  |  |  |
Expected volatility |  |  | 70.3 | % |  |  | 69.2 | % |  |  | 68.9 | %
Expected term (in years) |  |  | 6.0 |  |  |  | 6.0 |  |  |  | 6.0 |
Risk-free interest rate |  |  | 1.0 | % |  |  | 0.6 | % |  |  | 2.2 | %
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, 2020 |  |  | 8,101,980 |  |  | $ | 42.44 |  |  |  | 7.8 |  |  | $ | 896,666 |
Granted |  |  | 1,616,255 |  |  | $ | 124.32 |  |  |  |  |  |  |
Exercised |  |  | (1,245,071 | ) |  | $ | 30.96 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (660,182 | ) |  | $ | 79.54 |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 7,812,982 |  |  | $ | 58.07 |  |  |  | 7.4 |  |  |  | 219,103 |
Exercisable at December 31, 2021 |  |  | 4,598,353 |  |  | $ | 40.86 |  |  |  | 6.6 |  |  | $ | 174,056 |
Vested and expected to vest at December 31, 2021 |  |  | 7,812,982 |  |  | $ | 58.07 |  |  |  | 7.4 |  |  | $ | 219,103 |
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, 2020 |  |  | 894,092 |  |  | $ | 70.55 |
Granted |  |  | 628,175 |  |  |  | 111.73 |
Vested |  |  | (455,440 | ) |  |  | 58.00 |
Cancelled or forfeited |  |  | (132,652 | ) |  |  | 100.25 |
Unvested balance at December 31, 2021 |  |  | 934,175 |  |  | $ | 100.14 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration