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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Recognized Stock-Based Compensation

The Company recognized stock-based compensation as follows (in thousands):

		Year Ended December 31,
		2023				2022				2021
Research and development		$	22,407			$	24,895			$	21,443
General and administrative			20,391				21,251				19,342
Total stock-based compensation		$	42,798			$	46,146			$	40,785

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,
		2023		2022		2021
Expected term (in years)		5.3 – 6.0		5.3 – 6.1		5.2 – 6.1
Expected volatility		79% – 80%		79% – 80%		78% – 81%
Risk free interest rate		3.5% – 4.6%		1.5% – 4.3%		0.5% – 1.3%
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, 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
Granted			572,538				6.98
Exercised			(132,192	)			8.16
Forfeited			(2,057,381	)			14.21
Outstanding as of December 31, 2023			12,096,237			$	14.40				6.7			$	676
Exercisable as of December 31, 2023			8,467,987			$	14.80				6.0			$	62
Vested and expected to vest as of December 31,    2023			12,096,237			$	14.40				6.7			$	676

Summary of Restricted Stock Awards and Restricted Stock Units

Activity for the RSUs is shown below.

		Number of Shares				Weighted Average Grant Date Fair Value per Share
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
Granted			5,142,444				6.62
Vested			(1,584,448	)			10.41
Forfeited			(510,513	)			10.03
Unvested restricted stock units as of December 31, 2023			6,092,101			$	7.78

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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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.

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