v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

(In thousands)

 

Research and development

 

$

82,211

 

 

$

56,279

 

 

$

26,712

 

General and administrative

 

 

51,839

 

 

 

35,121

 

 

 

20,297

 

Total

 

$

134,050

 

 

$

91,400

 

 

$

47,009

 
Summary of Restricted Stock Activity

The following table summarizes the Company’s RSU activity for the year ended December 31, 2023:

 

 

Number of
Shares

 

 

Weighted
Average Grant
Date Fair Value
per Share

 

Unvested restricted stock units as of December 31, 2022

 

 

1,941,379

 

 

$

70.70

 

Granted

 

 

3,047,544

 

 

 

41.30

 

Vested

 

 

(677,055

)

 

 

68.04

 

Cancelled

 

 

(270,115

)

 

 

49.41

 

Unvested restricted stock units as of December 31, 2023

 

 

4,041,753

 

 

$

50.40

 
Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted

Weighted average assumptions used to apply this pricing model were as follows:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Risk-free interest rate

 

 

4.4

%

 

 

1.9

%

 

 

1.0

%

Expected life of options

 

6.0 years

 

 

5.9 years

 

 

6.0 years

 

Expected volatility of underlying stock

 

 

78.7

%

 

 

76.2

%

 

 

72.9

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%
Summary of Stock Option Activity

The following is a summary of stock option activity for the year ended December 31, 2023:

 

 

Number of
Options

 

 

Weighted
Average
Exercise
Price per
Share

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(In years)

 

 

(In thousands)

 

Outstanding at December 31, 2022

 

 

5,471,675

 

 

$

49.86

 

 

 

 

 

 

 

Granted

 

 

569,821

 

 

 

41.00

 

 

 

 

 

 

 

Exercised

 

 

(385,130

)

 

 

17.13

 

 

 

 

 

 

 

Forfeited

 

 

(197,367

)

 

 

73.90

 

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

5,458,999

 

 

$

50.38

 

 

 

6.65

 

 

$

35,922

 

Exercisable at December 31, 2023

 

 

4,017,227

 

 

$

43.63

 

 

 

6.14

 

 

$

34,790

 
2016 Employee Stock Purchase Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted

The fair value of the awards issued under the 2016 Plan to employees was estimated at the beginning of the offering period using a Black-Scholes option-pricing model with the following assumptions:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Risk-free interest rate

 

4.7%-5.53%

 

 

0.22%-2.52%

 

 

0.05%-0.09%

 

Expected term (in years)

 

0.5 years

 

 

0.5 years

 

 

0.5 years

 

Expected volatility of underlying stock

 

60.4%-69.2%

 

 

63.6%-95.3%

 

 

77.5%-109.2%

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%