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Equity Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Shares of Common Stock Reserved for Future Issuance | The Company has reserved the following shares of common stock for future issuance (in thousands):
| December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
Shares reserved under 2017 Equity Incentive Plan |  | 16,989 |  |  |  | 14,271 |  |  |  | 11,014 |
Shares reserved under 2017 Employee Stock Purchase Plan |  | 553 |  |  |  | 665 |  |  |  | 801 |
Shares reserved under 2020 Inducement Stock Incentive Plan |  | 1,638 |  |  |  | 1,857 |  |  |  | 1,761 |
Total |  | 19,180 |  |  |  | 16,793 |  |  |  | 13,576 |
Summary of Share-based Compensation Expense | Total share-based compensation expense related to the various plans during the years ended was as follows (in thousands):
| Year Ended December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
Research and development | $ | 45,644 |  |  | $ | 42,052 |  |  | $ | 30,586 |
General and administrative |  | 60,301 |  |  |  | 49,033 |  |  |  | 40,081 |
Total share-based compensation expense | $ | 105,945 |  |  | $ | 91,085 |  |  | $ | 70,667 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity:
|  |  |  |  | Weighted - |  |  | Weighted - |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  | Aggregate |
|  |  |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Life |  |  | Value |
|  | (in thousands) |  |  | Per Share |  |  | (in years) |  |  | (in thousands) |
Outstanding, December 31, 2022 |  |  | 12,295 |  |  | $ | 26.31 |  |  |  | 6.24 |  |  |  | 317,031 |
Granted |  |  | 838 |  |  |  | 52.48 |  |  |  |  |  |  |
Exercised |  |  | (3,950 | ) |  |  | 20.11 |  |  |  |  |  |  |
Forfeited |  |  | (519 | ) |  |  | 43.65 |  |  |  |  |  |  |
Outstanding, December 31, 2023 |  |  | 8,664 |  |  | $ | 30.65 |  |  |  |  |  |  |
Options exercisable, December 31, 2023 |  |  | 6,712 |  |  | $ | 26.20 |  |  |  | 5.39 |  |  | $ | 226,419 |
Expected to vest, December 31, 2023 |  |  | 1,952 |  |  | $ | 45.97 |  |  |  | 8.13 |  |  | $ | 27,515 |
Summary of Assumption Used to Estimate the Grant Date Fair Value | The assumptions used in the Black-Scholes model to estimate the grant date fair value are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 3.50 - 4.01% |  | 1.15 - 3.37% |  | 0.41 - 1.34%
Dividend yield | 0% |  | 0% |  | 0%
Volatility | 68.4 - 71.0% |  | 68.3 - 70.4% |  | 71.7 - 74.4%
Expected terms (years) | 3.81 - 6.08 |  | 3.81 - 6.08 |  | 5.31 - 6.08
Schedule of Unvested Restricted Stock Units Activity | Restricted Stock Units— The fair value of RSU’s is estimated based upon the closing market price of the Company’s common stock on the date of grant. RSUs generally vest annually over a four-year period. The following table summarizes the Company’s RSU's activity:
|  | Number of Stock Units (in thousands) |  |  | Weighted Average Grant Date Fair Value Per Share |
Unvested Balance at December 31, 2022 |  |  | 3,572 |  |  | $ | 42.23 |
Granted |  |  | 2,916 |  |  |  | 52.19 |
Vested |  |  | (1,015 | ) |  |  | 41.52 |
Forfeited |  |  | (1,172 | ) |  |  | 48.43 |
Unvested Balance at December 31, 2023 |  |  | 4,301 |  |  |  | 47.48 |

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