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Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Options Activity

The following summarizes stock option activity:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Weighted
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value
($000s)

 

Outstanding at January 1, 2022

 

 

10,516,972

 

 

$

22.87

 

 

 

8.1

 

 

$

31,239

 

Granted

 

 

3,884,917

 

 

$

7.08

 

 

 

 

 

 

 

Exercised

 

 

(155,873

)

 

$

1.48

 

 

 

 

 

 

 

Cancelled

 

 

(613,738

)

 

$

25.87

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

13,632,278

 

 

$

18.48

 

 

 

7.7

 

 

$

10,937

 

Vested and expected to vest at December 31, 2022

 

 

13,632,278

 

 

$

18.48

 

 

 

7.7

 

 

$

10,937

 

Vested and exercisable at December 31, 2022

 

 

7,459,247

 

 

$

16.11

 

 

 

7.0

 

 

$

10,348

 

Summary of Assumptions Used to Estimate Fair Value of Award The fair value of each award was estimated using Black-Scholes based on the following assumptions:

 

 

 

For the Year Ended
December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Risk-free interest rate

 

 

2.10

%

 

 

0.80

%

 

0.31 - 0.56%

 

Expected term

 

5.96 years

 

 

5.99 years

 

 

6.25 years

 

Expected volatility

 

 

85.0

%

 

 

85.0

%

 

80.0% - 91.7%

 

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Schedule of Stock-based Compensation Expense

Stock-based compensation expense is classified as follows:

 

 

 

For the Year Ended
December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Research and development expense

 

$

21,870

 

 

$

18,127

 

 

$

3,565

 

General and administrative

 

 

24,848

 

 

 

21,494

 

 

 

3,892

 

Total stock-based compensation expense

 

$

46,718

 

 

$

39,621

 

 

$

7,457

 

Summary of Components of Stock-based Compensation Expense

The components of stock-based compensation expense were:

 

 

 

For the Year Ended
December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Restricted common stock

 

$

 

 

$

 

 

$

657

 

Restricted stock units

 

 

352

 

 

 

 

 

 

 

Performance-based restricted stock units

 

 

 

 

 

 

 

 

 

Stock options

 

 

46,220

 

 

 

39,621

 

 

 

6,800

 

ESPP

 

 

145

 

 

 

 

 

 

 

Total stock-based compensation expense

 

$

46,718

 

 

$

39,621

 

 

$

7,457

 

Restricted Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Units

 

 

Number of
Shares

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 1, 2022

 

 

 

 

$

 

Granted

 

 

182,350

 

 

$

7.14

 

Release

 

 

 

 

$

 

Cancelled

 

 

(20,600

)

 

$

7.14

 

Unvested shares at December 31, 2022

 

 

161,750

 

 

$

7.14

 

 

Performance-based Restricted Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Units

 

 

Number of
Shares

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 1, 2022

 

 

 

 

$

 

Granted

 

 

742,070

 

 

$

7.14

 

Release

 

 

 

 

$

 

Cancelled

 

 

(17,100

)

 

$

7.14

 

Unvested shares at December 31, 2022

 

 

724,970

 

 

$

7.14