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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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