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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Non Employees Related to Employee Stock Purchase Plan | The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees and related to the Employee Stock Purchase Plan in the consolidated statements of operations as follows (in thousands):
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Research and development |  | $ | 14,147 |  |  | $ | 6,016 |  |  | $ | 4,398 |
Selling, general and administrative |  |  | 16,804 |  |  |  | 10,003 |  |  |  | 8,919 |
Total |  | $ | 30,951 |  |  | $ | 16,019 |  |  | $ | 13,317 |
Grant Date Fair Values of Options Issued to Employees and Non-employees Estimated Using Black-Scholes Option Pricing Model | The grant date fair values of options issued to employees and non-employees were estimated using the Black-Scholes option-pricing model with the following assumptions:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Expected term (in years) |  |  | 6.03 |  |  |  | 6.04 |  |  |  | 6.02 |
Volatility rate |  |  | 75.13 | % |  |  | 77.87 | % |  |  | 85.84 | %
Risk-free interest rate |  |  | 3.65 | % |  |  | 2.52 | % |  |  | 0.67 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Summary of Employee and Non-Employee Option Activity | A summary of employee and non-employee option activity under the Company’s equity award plans is presented below (in thousands, except share data):
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding—January 1, 2023 |  |  | 7,981,677 |  |  | $ | 14.42 |  |  |  | 7.3 |  |  | $ | 88,016 |
Granted |  |  | 3,800,691 |  |  | $ | 23.75 |  |  |  |  |  |  |
Exercised |  |  | (662,042 | ) |  | $ | 8.08 |  |  |  |  |  |  |
Cancelled, forfeited or expired |  |  | (435,468 | ) |  | $ | 23.14 |  |  |  |  |  |  |
Outstanding—December 31, 2023 |  |  | 10,684,858 |  |  | $ | 17.78 |  |  |  | 7.3 |  |  | $ | 55,091 |
Exercisable—December 31, 2023 |  |  | 5,468,638 |  |  | $ | 14.32 |  |  |  | 5.7 |  |  | $ | 43,160 |
Options vested, or expected to vest—December 31, 2023 |  |  | 10,684,858 |  |  | $ | 17.78 |  |  |  | 7.3 |  |  | $ | 55,091 |
Summary of Restricted Stock Units Activity | The following table summarizes our RSU activity:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |
Unvested—December 31, 2022 |  |  | 224,788 |  |  | $ | 18.02 |  |
Granted (1) |  |  | 308,550 |  |  | $ | 24.94 |  |
Vested |  |  | (9,102 | ) |  | $ | 13.87 |  |
Cancelled/Forfeited |  |  | (4,800 | ) |  | $ | 20.36 |  |
Unvested—December 31, 2023 |  |  | 519,436 |  |  | $ | 22.17 |  |
(1) RSUs granted in 2023 and 2022 had a weighted average grant date fair value of $24.94 and $15.79, respectively. The fair values of RSUs vested in 2023 and 2022 totaled $126,000 and $705,000, respectively.

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