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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Share-based Compensation Expense Share-based compensation expense by type of award was as follows (in thousands):

 

 

Year Ended December 31,

 

 

2024

 

2023

 

2022

 

Stock options

$

28,057

 

$

20,661

 

$

14,859

 

Restricted stock units

 

27,257

 

 

12,254

 

 

4,056

 

Restricted stock units - chief executive officer

 

5,266

 

 

8,336

 

 

2,548

 

ESPP

 

506

 

 

538

 

 

81

 

Total share-based compensation expense

$

61,086

 

$

41,789

 

$

21,544

 

 

Share-based compensation expense as reflected in the consolidated statement of operations and comprehensive loss was as follows (in thousands):

 

 

Year Ended December 31,

 

 

2024

 

2023

 

2022

 

Research and development

$

21,359

 

$

11,003

 

$

7,007

 

General and administrative

 

39,727

 

 

30,786

 

 

14,537

 

Total share-based compensation expense

$

61,086

 

$

41,789

 

$

21,544

 
Summary of Stock Option Activity A summary of stock option activity for awards under the 2017 Plan and the 2022 Plan is presented below:

 

 

Options Outstanding and Exercisable

 

 

Shares Subject to Outstanding Options

 

Weighted
Average
Exercise
Price per Option

 

Weighted
Average
Remaining
Contractual
Life Term (in Years)

 

Aggregate
Intrinsic
Value (1)
(in thousands)

 

Outstanding as of January 1, 2024

 

7,811,231

 

$

12.46

 

 

7.8

 

$

336,174

 

Options Granted

 

1,031,954

 

 

56.22

 

 

 

 

 

Options Forfeited

 

(145,261

)

 

11.10

 

 

 

 

 

Options Exercised

 

(1,457,826

)

 

9.75

 

 

 

 

 

Outstanding as of December 31, 2024

 

7,240,098

 

$

19.28

 

 

6.9

 

$

415,634

 

Exercisable as of December 31, 2024

 

4,712,405

 

$

13.30

 

 

6.6

 

$

298,737

 

 

(1)
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for those options for which the exercise price was below the market price as of December 31, 2024.
Schedule of Assumptions used in Black-Scholes Option Pricing Model for Stock Options Granted

The assumptions used in the Black-Scholes option pricing model for stock options granted for the years ending December 31, 2024, 2023 and 2022 were as follows:

 

 

2024

 

2023

 

2022

Expected term

 

5.5 - 6.27 years

 

5.5 - 6.25 years

 

6.0 - 6.3 years

Expected volatility

 

86% - 87%

 

75% - 80%

 

68% - 75%

Risk free interest rate

 

3.82% - 4.56%

 

3.92% - 4.06%

 

1.56% - 3.88%

Expected dividend yield

 

—  %

 

—  %

 

—  %
Summary of Restricted Stock Units Activity A summary of RSU activity for awards under the 2022 Plan, excluding the 2023 RSU Award and 2021 RSU Award (each defined below) granted to the chief executive officer, is presented below:

 

 

Shares Subject to Outstanding Awards

 

Weighted Average Grant Date Fair Value

 

Outstanding as of January 1, 2024

 

1,416,446

 

$

25.47

 

RSUs Granted

 

981,531

 

 

61.66

 

RSUs Vested

 

(528,711

)

 

23.76

 

RSUs Forfeited

 

(57,421

)

 

32.55

 

Outstanding as of December 31, 2024

 

1,811,845

 

$

45.35

 
January 2023 RSU Grant  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Assumptions used in Determining Fair Value for Stock Options and RSU Awards

 

 

Semi-Annual Measurement

 

 

Change in Control

 

Time to award end date

 

10 years

 

 

5 years

 

Equity volatility

 

75%

 

 

75%

 

Risk-free interest rate

 

3.8%

 

 

3.9%

 

Fair value of the 2023 RSU award (in thousands)

 

$

13,811

 

 

$

10,999

 
June and December 2021 RSU Grant  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Assumptions used in Determining Fair Value for Stock Options and RSU Awards The assumptions used in the Monte Carlos simulation models to determine the grant date fair value of the 2021 RSU Award for each of the three performance condition scenarios were as follows:

 

 

Change in Control

 

 

IPO

 

 

Change in Control
Following an IPO

 

Date of grant

 

June 9, 2021

 

 

December 7, 2021

 

 

December 7, 2021

 

Time to liquidity event (years)

 

1.56 - 3.06

 

 

 

10.00

 

 

1.33

 

Equity volatility

 

100% - 110%

 

 

70%

 

 

65%

 

Risk-free interest rate

 

0.1% - 0.3%

 

 

1.5%

 

 

0.4%

 

Discount for lack of marketability

 

26% - 32%

 

 

5%

 

 

5%

 

Fair value of the 2021 RSU award (in thousands)

 

$

1,580

 

 

$

10,300

 

 

$

150