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Stock-based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense by Classification | Stock-based compensation expense by classification included within the Condensed Consolidated Statements of Operations and Comprehensive Loss was as follows (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Research and development | $ | 3,792 |  |  | $ | 4,612 |  |  |  |  |
General and administrative | 5,363 |  |  | 9,270 |  |  |  |  |
Total stock-based compensation expense | $ | 9,155 |  |  | $ | 13,882 |  |  |  |  |
Schedule of PSU Activity | A summary of the Company’s PSU activity was as follows:
| Performance-Based Restricted Stock Units Outstanding |  | Weighted-Average Value at Grant Date Per Share
Unvested PSUs as of December 31, 2023 | — |  |  | $ | — |
PSUs granted(1) | 2,703,400 |  |  | $ | 1.88 |
PSUs vested | — |  |  | $ | — |
PSUs forfeited or canceled | — |  |  | $ | — |
Unvested PSUs as of March 31, 2024 | 2,703,400 |  |  | $ | 1.88 |
(1) PSU grants reflect the target number of shares eligible to be earned at the time of grant.
Schedule of RSU Activity | A summary of the Company’s RSU activity was as follows:
| Restricted Stock Units Outstanding |  | Weighted-Average Value at Grant Date Per Share
Unvested RSUs as of December 31, 2023 | 2,072,855 |  |  | $ | 2.96 |
RSUs granted | 3,477,351 |  |  | $ | 1.81 |
RSUs vested | (142,430) |  |  | $ | 3.43 |
RSUs forfeited or canceled | (73,298) |  |  | $ | 2.24 |
Unvested RSUs as of March 31, 2024 | 5,334,478 |  |  | $ | 2.21 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity was as follows:
| Number of Stock Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Options outstanding as of December 31, 2023 | 55,596,831 |  | $ | 4.75 |  |  | 6.89 |  | $ | 7,368 |
Granted | 2,495,500 |  | $ | 1.83 |  |  |  |  |
Exercised | (868,826) |  |  | $ | 0.12 |  |  |  |  |
Canceled or forfeited | (3,096,127) |  |  | $ | 5.57 |  |  |  |  |
Options outstanding as of March 31, 2024 | 54,127,378 |  | $ | 4.64 |  |  | 7.20 |  | $ | 8,295 |
Options exercisable as of March 31, 2024 | 31,963,665 |  | $ | 5.17 |  |  | 6.19 |  | $ | 6,758 |
Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted | The fair value of stock options granted to employees and directors was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted-average assumptions:
| Three Months Ended March 31,
| 2024 |  | 2023
Risk-free interest rate | 4.15 | % |  | 4.13 | %
Expected volatility | 75.9 | % |  | 91.9 | %
Expected term (in years) | 6.04 |  | 6.02
Expected dividend yield | 0 | % |  | 0 | %

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