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Stock Option and Grant Plan (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 14,832 |  |  | $ | 18,803 |  |  | $ | 30,565 |  |  | $ | 36,448 |
General and administrative |  |  | 9,535 |  |  |  | 12,801 |  |  |  | 20,484 |  |  |  | 24,437 |
Total stock-based compensation expense |  | $ | 24,367 |  |  | $ | 31,604 |  |  | $ | 51,049 |  |  | $ | 60,885 |
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 |  |  | 2,527,034 |  |  |  | 24.61 |
Exercised |  |  | (195,198 | ) |  |  | 12.68 |
Forfeited |  |  | (320,607 | ) |  |  | 44.06 |
Outstanding at June 30, 2025 |  |  | 11,616,771 |  |  |  | 35.87 |
Exercisable as of June 30, 2025 |  |  | 6,736,942 |  |  | $ | 40.93 |
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 |  |  | 1,269,600 |  |  |  | 19.39 |
Vested |  |  | (688,359 | ) |  |  | 45.53 |
Forfeited |  |  | (272,784 | ) |  |  | 24.86 |
Unvested as of June 30, 2025 |  |  | 2,885,312 |  |  | $ | 28.35 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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