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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 and 2023 are as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
General and administrative | $ | 8,469 |  |  | $ | 4,471 |  |  | $ | 13,168 |  |  | $ | 8,747 |
Research and development | 8,721 |  |  | 9,092 |  |  | 15,443 |  |  | 17,415 |
| $ | 17,190 |  |  | $ | 13,563 |  |  | $ | 28,611 |  |  | $ | 26,162 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock options | $ | 10,945 |  |  | $ | 6,842 |  |  | $ | 17,818 |  |  | $ | 13,825 |
ESPP | 211 |  |  | 341 |  |  | 417 |  |  | 663 |
RSUs | 6,034 |  |  | 6,380 |  |  | 10,376 |  |  | 11,674 |
| $ | 17,190 |  |  | $ | 13,563 |  |  | $ | 28,611 |  |  | $ | 26,162 |
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, 2023 | 11,142,986 |  | $ | 29.60 |  |  | 6.03 |  | $ | 9,977 |
Options granted | 2,167,253 |  | $ | 22.43 |  |  |  |  |
Options forfeited | (485,918) |  | $ | 32.84 |  |  |  |  |
Options exercised | (162,895) |  | $ | 11.83 |  |  |  |  |
Balance at June 30, 2024 | 12,661,426 |  | $ | 28.48 |  |  | 6.18 |  | $ | 5,813 |
Exercisable | 8,295,121 |  | $ | 29.38 |  |  | 4.76 |  | $ | 5,745 |
Schedule of Weighted Average Assumptions Used for Estimation of Fair Value of Stock Options | We estimated the fair value of each equity award, including stock options and shares issued under our ESPP, using the Black-Scholes option-pricing model based on the date of grant of such stock option or ESPP share issuance date, with the following weighted average assumptions for the three and six months ended June 30, 2024 and 2023:
| Options |  | Options
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (years) | 6.4 |  | 6.5 |  | 6.4 |  | 6.1
Expected volatility | 50.4 | % |  | 51.2 | % |  | 50.1 | % |  | 50.5 | %
Risk-free interest rate | 4.42 | % |  | 3.69 | % |  | 4.18 | % |  | 4.17 | %
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (years) | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 -2.0
Expected volatility | 43.0% - 44.6% |  | 38.2% - 55.7% |  | 43.0% - 44.6% |  | 38.2% - 55.7%
Risk-free interest rate | 4.71% - 5.40% |  | 0.13% - 5.39% |  | 4.71% - 5.40% |  | 0.13% - 5.39%
Expected dividend yield | — | % |  | — | % |  | — | % |  | — | %
Summary of Restricted Stock Unit Activity | The following table summarizes the RSU activity for the six-month period ended June 30, 2024:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value (Per unit)
Unvested RSUs at December 31, 2023 | 1,490,040 |  | $ | 30.66 |
Granted | 959,071 |  | 22.58 |
Vested | (550,972) |  | 31.72 |
Forfeited | (119,483) |  | 29.80 |
Unvested RSUs at June 30, 2024 | 1,778,656 |  | $ | 26.02 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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