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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Recognized Stock-Based Compensation | The Company recognized stock-based compensation as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (In thousands) |
Research and development |  | $ | 24,895 |  |  | $ | 21,443 |  |  | $ | 14,980 |
General and administrative |  |  | 21,251 |  |  |  | 19,342 |  |  |  | 15,542 |
Total stock-based compensation |  | $ | 46,146 |  |  | $ | 40,785 |  |  | $ | 30,522 |
Summary of Share-based Payment Award, Stock Options, Valuation Assumptions | The estimated grant-date fair value of all the Company’s options to purchase common stock was calculated using the Black-Scholes option pricing model, based on the following assumptions:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Expected term (in years) |  | 5.3– 6.1 |  | 5.2 – 6.1 |  | 5.3 – 6.1
Expected volatility |  | 79% – 80% |  | 78% – 81% |  | 74% – 78%
Risk free interest rate |  | 1.5% – 4.3% |  | 0.5% – 1.3% |  | 0.3% – 1.8%
Dividend yield |  | — |  | — |  | —
Summary of Options to Purchase Common Stock | Option activity is shown below:
|  | Number of Options |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (In years) |  |  | (In thousands) |
Outstanding as of December 31, 2020 |  |  | 12,654,998 |  |  | $ | 13.96 |  |  |  |  |  |  |
Granted |  |  | 3,264,059 |  |  |  | 21.53 |  |  |  |  |  |  |
Exercised |  |  | (2,395,223 | ) |  |  | 11.91 |  |  |  |  |  |  |
Forfeited |  |  | (1,879,764 | ) |  |  | 14.55 |  |  |  |  |  |  |
Outstanding as of December 31, 2021 |  |  | 11,644,070 |  |  |  | 16.41 |  |  |  |  |  |  |
Granted |  |  | 4,996,366 |  |  |  | 12.11 |  |  |  |  |  |  |
Exercised |  |  | (298,239 | ) |  |  | 10.26 |  |  |  |  |  |  |
Forfeited |  |  | (2,628,925 | ) |  |  | 18.28 |  |  |  |  |  |  |
Outstanding as of December 31, 2022 |  |  | 13,713,272 |  |  | $ | 14.62 |  |  |  | 8.0 |  |  | $ | 1,583 |
Exercisable as of December 31, 2022 |  |  | 6,776,201 |  |  | $ | 14.75 |  |  |  | 7.0 |  |  | $ | 1,276 |
Vested and expected to vest as of December 31, 2022 |  |  | 13,713,272 |  |  | $ | 14.62 |  |  |  | 8.0 |  |  | $ | 1,583 |
Summary of Restricted Stock Awards and Restricted Stock Units | Activity for the restricted stock awards and RSUs is shown below.
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested restricted stock awards and restricted stock units as of December 31, 2020 |  |  | 186,425 |  |  | $ | 6.95 |
Granted |  |  | 1,822,295 |  |  |  | 17.33 |
Vested |  |  | (324,802 | ) |  |  | 10.35 |
Forfeited |  |  | (310,044 | ) |  |  | 13.85 |
Unvested restricted stock units as of December 31, 2021 |  |  | 1,373,874 |  |  |  | 18.35 |
Granted |  |  | 2,539,014 |  |  |  | 10.02 |
Vested |  |  | (414,577 | ) |  |  | 18.63 |
Forfeited |  |  | (453,693 | ) |  |  | 16.21 |
Unvested restricted stock units as of December 31, 2022 |  |  | 3,044,618 |  |  | $ | 11.68 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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