Stock-based awards (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of assumptions used to determine grant-date fair value of stock options granted |
The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees, directors and consultants as follows, presented on a weighted average basis:
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
Expected term (in years) |
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5.95 |
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5.30 |
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5.77 |
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Expected volatility |
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81.89 |
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% |
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74.59 |
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% |
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72.17 |
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% |
Weighted average risk-free interest rate |
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4.19 |
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% |
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2.71 |
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% |
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1.19 |
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% |
Expected dividend yield |
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0.00 |
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% |
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|
0.00 |
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% |
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0.00 |
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% |
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| Summary of stock option activity |
The following table summarizes the Company’s stock option activity since December 31, 2022:
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Weighted- |
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Weighted- |
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Average |
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Average |
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Aggregate |
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Exercise |
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remaining |
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Intrinsic |
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Number |
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Price per |
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contractual |
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Value |
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of Options |
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Share |
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term (years) |
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(000's) |
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Balance outstanding, December 31, 2022 |
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5,780,004 |
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$ |
18.88 |
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|
7.80 |
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$ |
207,611 |
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Options granted |
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1,720,882 |
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$ |
28.29 |
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Options exercised |
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(593,959 |
) |
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$ |
5.50 |
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Options cancelled |
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(6,950 |
) |
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$ |
49.74 |
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Balance outstanding, December 31, 2023 |
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6,899,977 |
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$ |
22.35 |
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7.67 |
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$ |
35,133 |
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Vested and expected to vest, December 31, 2023 |
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6,899,977 |
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$ |
22.35 |
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7.67 |
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$ |
35,133 |
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Exercisable, December 31, 2023 |
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4,126,549 |
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$ |
18.32 |
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6.69 |
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$ |
28,508 |
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| Summary of stock-based compensation expense |
The following table summarizes the Company’s stock-based compensation expense during the years ended December 31, 2023, 2022 and 2021:
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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Classified within research and development expense |
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$ |
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7,579 |
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$ |
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8,096 |
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$ |
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3,054 |
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Classified within general and administrative expense |
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13,918 |
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15,147 |
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7,000 |
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Total stock-based compensation expense |
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$ |
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21,497 |
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$ |
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23,243 |
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$ |
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10,054 |
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| Summary of restricted stock activity |
The following table summarizes the Company’s RSUs activity since December 31, 2022:
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Weighted- |
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Weighted- |
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Average |
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Average |
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Aggregate |
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Grant Date |
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remaining |
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Intrinsic |
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Underlying |
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Fair Value per |
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contractual |
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Value |
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shares |
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Share |
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term (years) |
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(000's) |
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Balance outstanding, December 31, 2022 |
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129,131 |
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$ |
42.95 |
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2.07 |
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$ |
7,076 |
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Granted |
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281,462 |
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$ |
24.03 |
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Vested |
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(38,641 |
) |
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$ |
43.94 |
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Cancelled or forfeited |
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— |
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$ |
— |
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Balance outstanding, December 31, 2023 |
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371,952 |
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$ |
28.53 |
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|
1.98 |
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$ |
8,685 |
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