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Stock Option and Grant Plan (Tables)

3 Months Ended

Mar. 31, 2025

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 condensed consolidated statements of operations and other comprehensive loss is as follows (in thousands):

		Three Months Ended March 31,
		2025				2024
Research and development		$	15,733			$	17,645
General and administrative			10,949				11,636
Total stock-based compensation expense		$	26,682			$	29,281

Summary of Stock Option Activity Under Equity Award Plans

The following table provides a summary of stock option activity under the Company’s equity award plans:

		Number of options				Weighted average exercise price
Outstanding at December 31, 2024			9,605,542			$	38.62
Granted			2,155,500				25.87
Exercised			(74,707	)			9.63
Forfeited			(60,259	)			47.04
Outstanding at March 31, 2025			11,626,076				36.40
Exercisable as of March 31, 2025			6,295,927			$	41.33

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

		Shares				Weighted- average grant date fair value
Unvested as of December 31, 2024			2,576,855			$	36.98
Issued			1,129,850				19.53
Vested			(607,196	)			44.12
Forfeited			(28,625	)			39.61
Unvested as of March 31, 2025			3,070,884			$	29.13

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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