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Stock-based Compensation (Tables)

3 Months Ended

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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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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