v3.24.1.u1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Share-Based Compensation Expense The following table summarizes share-based compensation expense for the periods presented (in thousands):
Three Months Ended 
March 31,
20242023
Research and development$5,455 $4,362 
General and administrative6,928 4,428 
Total share-based compensation expense$12,383 $8,790 
Fair Value of Options Granted The fair value of the options granted to employees and non-employee directors during the three months ended March 31, 2024 and 2023 was estimated as of the grant date using the Black-Scholes option-pricing model using the key assumptions listed in the following table:
Three Months Ended 
March 31,
20242023
Expected term (in years)4.60
 -
5.514.53
 -
5.40
Expected volatility74.8 % -78.6%76.4 %-89.7%
Risk-free interest rate3.8 % -4.4%3.5 %-4.4%
Expected dividend yield—%—%
Weighted average grant date fair value$19.57$35.37
Summary of Company's Share Option Activity
The following table summarizes the Company’s stock option activity during the three months ended March 31, 2024:
OptionsWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 2023
9,866,337 $29.06 6.60$118,447 
Granted
1,998,950 30.02 
Exercised(38,338)23.24 
Forfeited(65,792)36.36 
Expired(10,375)28.50 
Outstanding at March 31, 2024
11,750,782 $29.20 6.92$42,936 
Vested and expected to vest at March 31, 2024
11,258,566 $28.84 6.82$42,907 
Vested at March 31, 2024
6,909,977 $22.39 5.48$41,926 
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The following table summarizes the activity and related information for RSUs during the three months ended March 31, 2024:
Number of UnitsWeighted Average
Grant-Date
Fair Value		Weighted
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value
(in thousands)
Unvested at December 31, 2023
25,250 $58.01 1.09$918 
Units Granted
— — 
Units Vested— — 
Units Forfeited— — 
Unvested at March 31, 2024
25,250 $58.01 0.84$625 
Unvested and expected to vest at March 31, 2024
23,760 $58.16 0.83$589