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Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Options Activity

The following table 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, 2023

 

 

13,632,278

 

 

$

18.48

 

 

 

7.7

 

 

$

10,937

 

Granted

 

 

3,766,550

 

 

$

4.49

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Cancelled

 

 

(392,509

)

 

$

21.46

 

 

 

 

 

 

 

Outstanding at September 30, 2023

 

 

17,006,319

 

 

$

15.31

 

 

 

7.4

 

 

$

4,913

 

Vested and expected to vest at September 30, 2023

 

 

17,006,319

 

 

$

15.31

 

 

 

7.4

 

 

$

4,913

 

Vested and exercisable at September 30, 2023

 

 

10,208,053

 

 

$

16.37

 

 

 

6.6

 

 

$

4,874

 
Summary of Stock-based Compensation Expense by Award Type

Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive loss was as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Stock options

 

$

11,295

 

 

$

11,362

 

 

$

34,592

 

 

$

34,727

 

Restricted stock units

 

 

1,087

 

 

 

97

 

 

 

2,590

 

 

 

256

 

Performance-based stock units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Employee stock purchase plan

 

 

1

 

 

 

45

 

 

 

89

 

 

 

90

 

Total stock-based compensation expense

 

$

12,383

 

 

$

11,504

 

 

$

37,271

 

 

$

35,073

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense is classified as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development expense

 

$

5,564

 

 

$

5,370

 

 

$

17,037

 

 

$

16,390

 

General and administrative

 

 

6,819

 

 

 

6,134

 

 

 

20,234

 

 

 

18,683

 

Total stock-based compensation expense

 

$

12,383

 

 

$

11,504

 

 

$

37,271

 

 

$

35,073

 
Restricted Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Units Below is the activity related to restricted stock units for the nine months ended September 30, 2023.

 

 

Number of
Shares

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 1, 2023

 

 

161,750

 

 

$

7.14

 

Granted

 

 

2,264,700

 

 

$

4.59

 

Released

 

 

(53,935

)

 

$

7.14

 

Cancelled

 

 

(34,998

)

 

$

5.42

 

Unvested shares at September 30, 2023

 

 

2,337,517

 

 

$

4.69

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

The following table summarizes the activity related to performance-based restricted stock units for the nine months ended September 30, 2023.

 

 

Number of
Shares

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 1, 2023

 

 

724,970

 

 

$

7.14

 

Granted

 

 

—

 

 

$

—

 

Released

 

 

—

 

 

$

—

 

Cancelled

 

 

—

 

 

$

—

 

Unvested shares at September 30, 2023

 

 

724,970

 

 

$

7.14