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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Total Employee, Director and Non-Employee Stock-Based Compensation Expense Recognized

Total employee, director and non-employee stock-based compensation expense recognized for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
General and administrative			$	4,471					$	4,350					$	8,747					$	8,024
Research and development			9,092						8,253						17,415						15,384
			$	13,563					$	12,603					$	26,162					$	23,408

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Stock options			$	6,842					$	7,512					$	13,825					$	14,345
ESPP			341						290						663						591
RSUs			6,380						4,801						11,674						8,472
			$	13,563					$	12,603					$	26,162					$	23,408

Summary of Stock Option Activity

The following table summarizes option activity under our stock plans and related information:

			Number of Shares Subject to Outstanding Options						Weighted Average Exercise Price (Per Share)						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2022			10,082,642						$	29.12					6.30						$	27,141
Options granted			1,941,412						$	30.65
Options forfeited			(269,747)						$	33.95
Options exercised			(179,391)						$	8.92
Balance at June 30, 2023			11,574,916						$	29.58					6.41						$	20,561
Exercisable			7,492,446						$	28.17					5.04						$	20,504

Schedule of Weighted Average Assumptions Used for Estimation of Fair Value of Stock Options

We estimated the fair value of each stock option using the Black-Scholes option-pricing model based on the date of grant of such stock option with the following weighted average assumptions for the three and six months ended June 30, 2023 and 2022:

			Options												Options
			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Expected term (years)			6.5						6.3						6.1						6.4
Expected volatility			51.2		%				53.1		%				50.5		%				53.0		%
Risk-free interest rate			3.69		%				3.13		%				4.17		%				1.93		%
Expected dividend yield			—		%				—		%				—		%				—		%

Schedule of Weighted Average Assumptions Used for Estimation of Fair Value of ESPP

			ESPP												ESPP
			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Expected term (years)			0.5 - 2.0						0.5 - 2.0						0.5 - 2.0						0.5 -2.0
Expected volatility			38.2% - 55.7%						43.2% - 55.7%						38.2% - 55.7%						43.2% - 55.7%
Risk-free interest rate			0.13% - 5.39%						0.13% - 2.82%						0.13% - 5.39%						0.13% - 2.82%
Expected dividend yield			—		%				—		%				—		%				—		%

Summary of Restricted Stock Unit Activity

The following table summarizes the RSU activity for the six-month period ended June 30, 2023:

			Restricted Stock Units						Weighted Average Grant Date Fair Value (Per unit)
Unvested RSUs at December 31, 2022			1,232,551						$	32.41
Granted			944,726						30.82
Vested			(367,647)						32.73
Forfeited			(75,672)						31.93
Unvested RSUs at June 30, 2023			1,733,958						$	31.50

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