Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Equity-Based Compensation Expense

Equity-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Research and development	$	16,383	$	9,017	$	40,736	$	18,643
General and administrative		8,832		6,393		26,038		13,805
Total	$	25,215	$	15,410	$	66,774	$	32,448

Summary of Restricted Stock Activity

The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2022:

	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested restricted stock units as of December 31, 2021		453,026		$	71.03
Granted		1,648,664			72.48
Vested		(91,843	)		66.53
Cancelled		(82,093	)		76.55
Unvested restricted stock units as of September 30, 2022		1,927,754		$	72.25

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:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Risk-free interest rate	n/a	1.0%	1.9%	0.9%
Expected life of options	n/a	6.0 years	5.9 years	6.0 years
Expected volatility of underlying stock	n/a	75.2%	76.2%	72.7%
Expected dividend yield	n/a	0.0%	0.0%	0.0%

Summary of Stock Option Activity

The following is a summary of stock option activity for the nine months ended September 30, 2022:

	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(In years)		(In thousands)
Outstanding at December 31, 2021		6,305,156		$	43.57
Granted		391,910			86.08
Exercised		(852,913	)		16.40
Forfeited		(295,691	)		59.08
Outstanding at September 30, 2022		5,548,462		$	49.92		7.63	$	117,003
Exercisable at September 30, 2022		2,855,525		$	33.61

2016 Employee Stock Purchase Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

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

The fair value of the awards issued under the 2016 Plan to employees was estimated at the beginning of the offering period using a Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Risk-free interest rate	2.52%	0.05%	0.22%-2.52%	0.05%-0.09%
Expected term (in years)	0.5 years	0.5 years	0.5 years	0.5 years
Expected volatility of underlying stock	95.3%	109.2%	63.6%-95.3%	77.5%-109.2%
Expected dividend yield	0.0%	0.0%	0.0%	0.0%