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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 6. Stock-Based Compensation In January 2024 and 2023, the number of shares of common stock available for issuance under the 2018 Equity Incentive Plan (the "2018 Plan") was increased by approximately 2.1 million shares in each period, as a result of the automatic increase provision in the 2018 Plan. Stock Options Stock option activity, including stock options and performance-based stock options under the 2021 Long-Term Performance Incentive Plan (“2021 LTPIP”), 2018 Plan and 2015 Plan is summarized as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2023 |  |  | 17,601,466 |  |  | $ | 43.86 |  |  |  | 7.29 |  |  | $ | 933 |
Granted |  |  | 4,173,150 |  |  | $ | 2.56 |  |  |  |  |  |  |
Exercised |  |  | (8,333 | ) |  | $ | 4.54 |  |  |  |  |  |  |
Forfeited or canceled |  |  | (1,105,760 | ) |  | $ | 31.29 |  |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 20,660,523 |  |  | $ | 36.21 |  |  |  | 7.10 |  |  | $ | 1,190 |
Restricted Shares Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan is summarized as follows:
|  | Number of Restricted Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 164,817 |  |  | $ | 49.87 |
Granted |  |  | 64,200 |  |  | $ | 3.02 |
Vested |  |  | (79,346 | ) |  | $ | 60.15 |
Canceled |  |  | (27,322 | ) |  | $ | 44.73 |
Unvested at September 30, 2024 |  |  | 122,349 |  |  | $ | 19.77 |
Stock-Based Compensation Expense Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 6,295 |  |  | $ | 2,733 |  |  | $ | 23,936 |  |  | $ | 32,093 |
General and administrative |  |  | 8,515 |  |  |  | 11,213 |  |  |  | 27,658 |  |  |  | 33,634 |
Total stock-based compensation |  | $ | 14,810 |  |  | $ | 13,946 |  |  | $ | 51,594 |  |  | $ | 65,727 |

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