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Equity-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
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 loss is as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 47,944 |  |  | $ | 46,356 |  |  | $ | 53,956 |
General and administrative |  |  | 38,623 |  |  |  | 34,672 |  |  |  | 43,991 |
Total |  | $ | 86,567 |  |  | $ | 81,028 |  |  | $ | 97,947 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Options granted |  |  | 1,566,536 |  |  |  | 1,860,485 |  |  |  | 1,492,589 |
Weighted-average exercise price |  | $ | 62.40 |  |  | $ | 45.47 |  |  | $ | 60.19 |
Weighted-average grant date fair value |  | $ | 38.63 |  |  | $ | 28.39 |  |  | $ | 38.54 |
Assumptions: |  |  |  |  |  |  |  |  |
Expected volatility |  |  | 63.9 | % |  |  | 65.1 | % |  |  | 70.2 | %
Expected term (in years) |  |  | 6.0 |  |  |  | 6.0 |  |  |  | 6.0 |
Risk-free interest rate |  |  | 4.2 | % |  |  | 4.1 | % |  |  | 2.6 | %
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, 2023 |  |  | 7,204,372 |  |  | $ | 55.05 |  |  |  | 6.7 |  |  | $ | 115,681 |
Granted |  |  | 1,566,536 |  |  |  | 62.40 |  |  |  |  |  |  |
Exercised |  |  | (900,136 | ) |  |  | 33.80 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (581,889 | ) |  |  | 69.92 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 7,288,883 |  |  | $ | 58.07 |  |  |  | 6.6 |  |  | $ | 14,050 |
Exercisable at December 31, 2024 |  |  | 4,851,838 |  |  | $ | 58.64 |  |  |  | 5.5 |  |  | $ | 14,050 |
Vested and expected to vest at December 31, 2024 |  |  | 7,288,883 |  |  | $ | 58.07 |  |  |  | 6.6 |  |  | $ | 14,050 |
Summary of Restricted Stock Activity | The following table summarizes the restricted stock unit activity under the Company’s equity award plans:
|  | Shares |  |  | Weighted- Average Grant Date Fair Value |
Unvested balance at December 31, 2023 |  |  | 1,781,415 |  |  | $ | 61.00 |
Granted |  |  | 1,284,894 |  |  |  | 60.26 |
Vested |  |  | (450,701 | ) |  |  | 70.13 |
Cancelled or forfeited |  |  | (217,965 | ) |  |  | 57.41 |
Unvested balance at December 31, 2024 |  |  | 2,397,643 |  |  | $ | 59.21 |

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- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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