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Equity Incentive Plans (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Activity Under Stock Option Plans | Stock options and RSUs activity under our 2020 Plan and 2014 Plan, which excludes options to purchase 29,638 shares granted outside of the 2020 Plan and 2014 Plan, was as follows:
|  |  |  | Options Outstanding
Stock Options and Restricted Stock Units Activity |  | Options and Restricted Stock Units Available for Grant |  | Number of Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Balances — December 31, 2023 |  | 6,065,150 |  |  | 9,314,836 |  |  | $ | 25.35 |  |  | 7.75 |  | $ | 348,868 |
Additional shares authorized |  | 4,768,241 |  |  |  |  |  |  |  |  |
Plan shares expired |  | (1,176,888) |  |  |  |  |  |  |  |  |
Options granted |  | (1,642,952) |  |  | 1,642,952 |  |  | $ | 72.27 |  |  |  |  |
Options exercised |  | 15,288 |  | (1) | (876,113) |  |  | $ | 10.16 |  |  |  |  |
Options forfeited |  | 219,279 |  |  | (219,279) |  |  | $ | 43.10 |  |  |  |  |
Restricted stock units granted |  | (700,547) |  |  |  |  |  |  |  |  |
Restricted stock units withheld |  | 54,235 |  |  |  |  |  |  |  |  |
Restricted stock units forfeited |  | 40,160 |  |  |  |  |  |  |  |  |
Balances — June 30, 2024 |  | 7,641,966 |  |  | 9,862,396 |  |  | $ | 34.12 |  |  | 7.77 |  | $ | 408,223 |
Vested and expected to vest — June 30, 2024 |  |  |  | 9,862,396 |  |  | $ | 34.12 |  |  | 7.77 |  | $ | 408,223 |
Exercisable at June 30, 2024 |  |  |  | 4,897,258 |  |  | $ | 21.41 |  |  | 6.82 |  | $ | 264,933 |
_______________________________________________ (1) Shares returned due to net exercises.
Nonvested Restricted Stock Shares Activity | RSU activity for the six months ended June 30, 2024 was as follows:
|  | Shares |  | Weighted- Average Grant-Date Fair Value
Unvested at December 31, 2023 |  | 753,462 |  | $ | 38.93 |
Granted |  | 700,547 |  | $ | 72.97 |
Vested and released |  | (145,528) |  | $ | 38.71 |
Cancelled |  | (40,160) |  | $ | 58.85 |
Unvested at June 30, 2024 |  | 1,268,321 |  | $ | 57.13 |
Summary of Estimated Fair Value of Employee Stock Options | We estimated the fair value of employee stock options using the Black-Scholes option-pricing model for the three and six months ended June 30, 2024 and 2023 using the following assumptions:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Fair Value Assumptions |  |  |  |  |  |  |  |  |  |
Expected volatility | 69.8% - 70.5% |  | 72.6% - 73.2% |  | 69.8% - 71.1% |  | 72.6% - 74.0% |  |  |
Expected dividend yield | 0% |  | 0% |  | 0% |  | 0% |  |  |
Expected term (in years) | 5.4 |  | 5.4 |  | 5.4 |  | 5.3 - 5.4 |  |  |
Risk-free interest rate | 4.3% - 4.5% |  | 3.5% - 4.0% |  | 4.0% - 4.5% |  | 3.5% - 4.3% |  |  |
Summary of Estimated Fair Value of Shares Under Employee Stock Purchase Plan | We estimated the fair value of shares under the 2020 ESPP using the Black-Scholes option-pricing model for the three and six months ended June 30, 2024 and 2023 using the following assumptions:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Fair Value Assumptions |  |  |  |  |  |  |  |  |  |
Expected volatility | 38.8% - 57.8% |  | 74.0% - 79.6% |  | 38.1% - 62.7% |  | 74.0% - 99.7% |  |  |
Expected dividend yield | 0% |  | 0% |  | 0% |  | 0% |  |  |
Expected term (in years) | 0.5 - 2.0 |  | 0.5- 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  |  |
Risk-free interest rate | 4.8% - 5.4% |  | 4.2% - 5.4% |  | 4.8% - 5.4% |  | 4.2% - 5.4% |  |  |
Summary of Stock-based Compensation Expense | We recorded total stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the condensed consolidated statements of operations and allocated the amounts as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands) |  | (in thousands)
Research and development | $ | 10,855 |  |  | $ | 5,911 |  |  | $ | 19,673 |  |  | $ | 10,438 |
General and administrative | 10,703 |  |  | 6,633 |  |  | $ | 19,514 |  |  | $ | 11,754 |
Total | $ | 21,558 |  |  | $ | 12,544 |  |  | $ | 39,187 |  |  | $ | 22,192 |

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