v3.24.1.u1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
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 condensed consolidated statements of operations and comprehensive loss as follows:

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Research and development

 

$

20,161

 

 

$

16,931

 

General and administrative

 

 

14,015

 

 

 

10,324

 

Total

 

$

34,176

 

 

$

27,255

 
Summary of Restricted Stock Activity

The following table summarizes the Company’s RSU activity for the three months ended March 31, 2024:

 

 

Number of
Shares

 

 

Weighted
Average Grant
Date Fair Value
per Share

 

Unvested restricted stock units as of December 31, 2023

 

 

4,041,753

 

 

$

50.40

 

Granted

 

 

2,939,011

 

 

 

34.52

 

Vested

 

 

(1,015,543

)

 

 

51.62

 

Cancelled

 

 

(270,591

)

 

 

46.14

 

Unvested restricted stock units as of March 31, 2024

 

 

5,694,630

 

 

$

42.18

 
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:

 

 

Three Months Ended March 31,

 

 

2024

 

2023

Risk-free interest rate

 

4.2%

 

4.4%

Expected term

 

6.0 years

 

6.0 years

Expected volatility of underlying stock

 

76.4%

 

78.7%

Expected dividend yield

 

0.0%

 

0.0%
Summary of Stock Option Activity

The following is a summary of stock option activity for the three months ended March 31, 2024:

 

 

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, 2023

 

 

5,458,999

 

 

$

50.38

 

 

 

 

 

 

 

Granted

 

 

680,804

 

 

 

32.66

 

 

 

 

 

 

 

Exercised

 

 

(110,734

)

 

 

17.68

 

 

 

 

 

 

 

Forfeited

 

 

(119,562

)

 

 

85.00

 

 

 

 

 

 

 

Outstanding at March 31, 2024

 

 

5,909,507

 

 

$

48.25

 

 

 

6.66

 

 

$

27,623

 

Exercisable at March 31, 2024

 

 

4,261,853

 

 

$

44.98

 

 

 

5.86

 

 

$

27,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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 shares under the 2016 Plan was estimated at the beginning of the offering period using a Black-Scholes option-pricing model with the following assumptions:

 

 

Three Months Ended March 31,

 

 

2024

 

2023

Risk-free interest rate

 

5.24%

 

4.70%

Expected term

 

0.5 years

 

0.5 years

Expected volatility of underlying stock

 

56.7%

 

69.2%

Expected dividend yield

 

0.0%

 

0.0%