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Stock Option and Grant Plan (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-based Compensation Expense | Stock-based compensation expense recorded as research and development and general and administrative expenses in the consolidated statements of operations and other comprehensive loss is as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 73,523 |  |  | $ | 57,812 |  |  | $ | 52,004 |
General and administrative |  |  | 47,139 |  |  |  | 40,835 |  |  |  | 32,317 |
Total stock-based compensation expense |  | $ | 120,662 |  |  | $ | 98,647 |  |  | $ | 84,321 |
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 were:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Expected volatility |  | 76.2%-78.5% |  |  | 76.3-78.8% |  |  | 74.8-77.3% |
Weighted-average risk-free interest rate |  |  | 4.02 | % |  |  | 3.73 | % |  |  | 2.27 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Expected term (in years) |  |  | 6.02 |  |  |  | 6.03 |  |  |  | 6.08 |
Summary of Option Activity Under Equity Award Plans | The following table provides a summary of option activity under the Company’s equity award plans:
|  | Number of options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual life (years) |  |  | Aggregate intrinsic value (1) (in thousands) |
Outstanding at December 31, 2023 |  |  | 8,276,033 |  |  | $ | 42.59 |  |  |  | 7.2 |  |  | $ | 51,653 |
Granted |  |  | 2,678,145 |  |  |  | 24.80 |  |  |  |  |  |  |
Exercised |  |  | (563,349 | ) |  |  | 9.94 |  |  |  |  |  |  |
Forfeited |  |  | (785,287 | ) |  |  | 53.82 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 9,605,542 |  |  |  | 38.62 |  |  |  | 7.1 |  |  |  | 37,182 |
Exercisable as of December 31, 2024 |  |  | 5,896,483 |  |  | $ | 40.70 |  |  |  | 6.2 |  |  | $ | 36,102 |
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the closing price of the common stock for the options that were in the money as of December 31, 2024 and 2023.
Summary of Restricted Stock Activity | The following summarizes the Company’s restricted stock activity:
|  | Shares |  |  | Weighted- average grant date fair value |
Unvested as of December 31, 2023 |  |  | 2,927,152 |  |  | $ | 40.89 |
Issued |  |  | 1,233,688 |  |  |  | 31.05 |
Vested |  |  | (1,302,037 | ) |  |  | 39.80 |
Forfeited |  |  | (281,948 | ) |  |  | 38.58 |
Unvested as of December 31, 2024 |  |  | 2,576,855 |  |  | $ | 36.98 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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