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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 6. Stock-Based Compensation Shares of common stock available for issuance under the Company's equity incentive plans at June 30, 2025 were as follows:
|  | June 30, 2025 |
Outstanding stock awards |  |  | 20,037,642 |
Reserved for future award grants |  |  | 3,862,747 |
Reserved for future ESPP |  |  | 296,960 |
Total |  |  | 24,197,349 |
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, 2024 |  |  | 19,873,073 |  |  | $ | 36.06 |  |  |  | 6.88 |  |  | $ | 51,018 |
Granted |  |  | 489,500 |  |  | $ | 4.00 |  |  |  |  |  |  |
Exercised |  |  | (36,747 | ) |  | $ | 4.41 |  |  |  |  |  |  |
Forfeited or canceled |  |  | (406,076 | ) |  | $ | 17.37 |  |  |  |  |  |  |
Outstanding at June 30, 2025 |  |  | 19,919,750 |  |  | $ | 35.72 |  |  |  | 6.45 |  |  | $ | 5,774 |
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, 2024 |  |  | 121,660 |  |  | $ | 16.08 |
Granted |  |  | 31,200 |  |  | $ | 3.84 |
Vested |  |  | (29,593 | ) |  | $ | 37.17 |
Canceled |  |  | (5,375 | ) |  | $ | 22.84 |
Unvested at June 30, 2025 |  |  | 117,892 |  |  | $ | 7.24 |
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 7,714 |  |  | $ | 8,938 |  |  | $ | 15,572 |  |  | $ | 17,641 |
General and administrative |  |  | 7,927 |  |  |  | 9,437 |  |  |  | 15,960 |  |  |  | 19,143 |
Total stock-based compensation |  | $ | 15,641 |  |  | $ | 18,375 |  |  | $ | 31,532 |  |  | $ | 36,784 |

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