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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity Under Plan

The following summarizes option activity under the 2018 Plan:

			Outstanding Options
			Number of Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contract Term						Aggregate Intrinsic Value
															(in years)						(in thousands)
Balance, December 31, 2022			17,569,575						$	12.90					7.73						$	6,658
Granted			9,300,276						5.13
Exercised			(782,538)						2.47												2,283
Forfeited			(4,097,851)						10.85
Balance, September 30, 2023			21,989,462						$	10.37					7.61						$	673
Exercisable, September 30, 2023			13,651,398						$	12.33					6.95						$	673
Vested and expected to vest, September 30, 2023			21,989,462						$	10.37					7.61						$	—

Schedule Stock Option Valuation Assumptions

The fair value of employee, consultant and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

			Nine Months Ended September 30,
			2023						2022
Expected term in years			5.27 - 6.08						5.25 - 6.08
Expected volatility			73.18% - 73.85%						70.82% - 73.39%
Expected risk-free interest rate			3.45% - 4.30%						1.61% - 3.49%
Expected dividend			0%						0%

Schedule of Restricted Stock Units Activity Under Plan

The following summarizes restricted stock unit activity under the 2018 Plan:

			Outstanding Restricted Stock Units
			Restricted Stock Units						Weighted- Average Grant Date Fair Value per Share						Weighted Average Remaining Vesting Life						Aggregate Intrinsic Value
															(in years)						(in thousands)
Unvested December 31, 2022			5,493,406						$	16.86					1.54						$	34,554
Granted			11,215,162						4.70						2.0
Vested			(1,545,458)						18.49
Forfeited			(2,993,273)						9.35
Unvested September 30, 2023			12,169,837						$	7.29					2.14						$	38,578
Vested and expected to vest, September 30, 2023			12,169,837						$	7.29					2.14						$	38,578

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense related to stock options, restricted stock units, employee stock purchase plan and vesting of the founders’ common stock was as follows (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Research and development			$	6,733					$	11,016					$	22,849					$	35,068
General and administrative			8,621						10,132						27,869						31,286
Total stock-based compensation			$	15,354					$	21,148					$	50,718					$	66,354

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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 of the changes in outstanding nonvested restricted stock units.

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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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