Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of stock option activity

The following table summarizes stock option activity during the three months ended March 31, 2024:

	Shares	Weighted average exercise price
Outstanding at December 31, 2023	2,355,779	$	79.94
Options granted	135,518	229.77
Options exercised	(18,319)	74.90
Options cancelled	(14,751)	88.80
Outstanding at March 31, 2024	2,458,227	$	88.18
Exercisable at March 31, 2024	1,850,988	$	75.49

Stock-based compensation expense during the three months ended March 31, 2024 and 2023 was as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Stock-based compensation expense by type of award:
Stock options	$	6,886	$	8,598
Restricted stock units	8,625		2,652
Performance-based restricted stock units	4,391		—
Total stock-based compensation expense	$	19,902	$	11,250
Effect of stock-based compensation expense by line item:
Research and development	$	5,907	$	5,385
Selling, general and administrative	13,995		5,865
Total stock-based compensation expense included in net loss	$	19,902	$	11,250

RSU activity

The following table summarizes RSU activity, excluding performance-based RSUs, during the three months ended March 31, 2024:

	Shares	Weighted average grant date fair value
Unvested at December 31, 2023	376,117	$	241.45
RSUs granted	209,347	229.11
RSUs vested	(47,114)	297.22
RSUs forfeited	(7,679)	254.45
Unvested at March 31, 2024	530,671	$	231.44