Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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(In thousands) |
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Research and development |
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$ |
25,439 |
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$ |
22,351 |
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$ |
45,600 |
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$ |
39,282 |
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General and administrative |
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15,422 |
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14,049 |
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29,437 |
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24,373 |
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Total |
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$ |
40,861 |
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$ |
36,400 |
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$ |
75,037 |
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$ |
63,655 |
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| Summary of Restricted Stock Activity |
The following table summarizes the Company’s RSU activity for the six months ended June 30, 2024:
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Number of
Shares |
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Weighted
Average Grant
Date Fair Value
per Share |
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Unvested restricted stock units as of December 31, 2023 |
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4,041,753 |
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$ |
50.40 |
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Granted |
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3,042,554 |
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34.20 |
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Vested |
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(1,211,234 |
) |
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51.67 |
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Cancelled |
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(501,576 |
) |
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44.28 |
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Unvested restricted stock units as of June 30, 2024 |
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5,371,497 |
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$ |
41.51 |
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| 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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
Risk-free interest rate |
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4.3% |
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4.1% |
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4.2% |
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4.4% |
Expected term |
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5.6 years |
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5.6 years |
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6.0 years |
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6.0 years |
Expected volatility of underlying stock |
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76.3% |
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78.8% |
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76.4% |
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78.7% |
Expected dividend yield |
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0.0% |
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0.0% |
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0.0% |
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0.0% |
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| Summary of Stock Option Activity |
The following is a summary of stock option activity for the six months ended June 30, 2024:
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Number of
Options |
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Weighted
Average
Exercise
Price per
Share |
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Weighted
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic
Value |
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(In years) |
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(In thousands) |
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Outstanding at December 31, 2023 |
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5,458,999 |
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$ |
50.38 |
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6.65 |
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$ |
35,922 |
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Granted |
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772,191 |
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31.86 |
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Exercised |
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(190,246 |
) |
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16.49 |
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Forfeited |
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(331,773 |
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77.99 |
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Outstanding at June 30, 2024 |
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5,709,171 |
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$ |
47.40 |
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6.30 |
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$ |
15,820 |
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Exercisable at June 30, 2024 |
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4,290,920 |
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$ |
45.38 |
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5.51 |
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$ |
15,812 |
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| 2016 Employee Stock Purchase Plan [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| 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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
Risk-free interest rate |
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5.24% |
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4.70% |
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5.24% |
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4.70% |
Expected term |
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0.5 years |
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0.5 years |
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0.5 years |
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0.5 years |
Expected volatility of underlying stock |
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56.7% |
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69.2% |
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56.7% |
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69.2% |
Expected dividend yield |
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0.0% |
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0.0% |
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0.0% |
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0.0% |
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