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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Activity Relating to Restricted Stock Units

The following table summarizes activity relating to time-based restricted stock units and performance restricted stock units:

 

 

 

Shares

 

Weighted Average Grant Date Fair Value

 

Outstanding as of December 31, 2023

 

 

3,088,394

 

$

34.27

 

Granted

 

 

1,338,925

 

$

22.76

 

Vested

 

 

(430,704

)

$

26.32

 

Forfeited

 

 

(996,225

)

$

34.99

 

Outstanding as of December 31, 2024

 

 

3,000,390

 

$

30.04

 

 

Summary of Activity Relating to Time Based and Performance Based Stock Options

The following table summarizes activity related to time-based and performance-based stock options:

 

 

 

Shares

 

 

Weighted
Average Exercise
Price

 

 

Weighted Average
Remaining Life
(in years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding as of December 31, 2023

 

 

8,118,041

 

 

$

76.02

 

 

 

5.66

 

 

$

475

 

Granted

 

 

2,275,745

 

 

$

21.08

 

 

 

 

 

 

 

Exercised

 

 

(10,062

)

 

$

7.69

 

 

 

 

 

 

 

Forfeited

 

 

(4,563,788

)

 

$

79.14

 

 

 

 

 

 

 

Expired

 

 

(62,112

)

 

$

24.09

 

 

 

 

 

 

 

Outstanding as of December 31, 2024

 

 

5,757,824

 

 

$

52.52

 

 

 

5.34

 

 

$

 

Vested and expected to vest as of December 31, 2024

 

 

5,129,145

 

 

$

50.56

 

 

 

5.17

 

 

$

 

Exercisable as of December 31, 2024

 

 

4,014,487

 

 

$

58.04

 

 

 

4.42

 

 

$

 

Summary of Stock-Based Compensation Expense Recognized

The following table summarizes stock-based compensation expense recognized during the years ended December 31, 2024, 2023, and 2022:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Research and development

 

$

18,885

 

 

$

24,813

 

 

$

25,888

 

Selling, general and administrative

 

 

35,587

 

 

 

47,716

 

 

 

35,714

 

Restructuring

 

 

32

 

 

 

838

 

 

 

 

 

$

54,504

 

 

$

73,367

 

 

$

61,602

 

Summary of Stock-Based Compensation Expense by Award Type

The following table summarizes stock-based compensation expense by award type recognized during the years ended December 31, 2024, 2023, and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Stock options

 

$

26,609

 

 

$

47,695

 

 

$

54,971

 

Restricted stock units

 

 

27,058

 

 

 

24,424

 

 

 

5,587

 

Employee stock purchase plan

 

 

837

 

 

 

1,248

 

 

 

1,044

 

 

$

54,504

 

 

$

73,367

 

 

$

61,602

 

Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted

The fair value of each stock option granted under the Company’s equity plans has been calculated on the date of grant using the following weighted average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected volatility

 

 

76

%

 

 

72

%

 

 

73

%

Risk-free interest rate

 

 

4.24

%

 

 

3.85

%

 

 

2.49

%

Expected term

 

6.01 years

 

 

6.01 years

 

 

6.03 years