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Equity Incentive Plans (Tables)

12 Months Ended

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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