Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2024

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Summary of Company's stock option activity

Activity under the Company’s stock option plans during the six months ended June 30, 2024 was as follows:

				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
	Options			Exercise		Remaining		Value
	Outstanding			Price		Term		(000’s)
Balance at December 31, 2023		12,627,124		$	18.96
Granted		3,061,753		$	43.60
Exercised		(1,230,857	)	$	16.64
Forfeited and expired		(319,775	)	$	23.08
Balance at June 30, 2024		14,138,245		$	24.40		8.0	$	288,961
Vested and expected to vest at June 30, 2024		14,138,245		$	24.40		8.0	$	288,961
Exercisable at June 30, 2024		5,796,606		$	18.69		6.7	$	151,303

Summary of Company's restricted stock unit activity

The Company’s restricted stock unit activity during the six months ended June 30, 2024, was as follows:

				Weighted-
	Restricted Stock			Average
	Units			Grant Date
	Outstanding			Fair Value
Balance at December 31, 2023		813,634		$	19.71
Granted		897,686		$	43.54
Vested		(243,910	)	$	19.85
Forfeited		(37,574	)	$	31.46
Balance at June 30, 2024		1,429,836		$	34.34

Weighted Average Assumptions Used to Estimate Fair Value of Stock Awards Granted to Employees

The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted under the Company’s stock option plans for the periods presented below:

Stock Option Awards	Three months ended June 30,		Six months ended June 30,
	2024	2023	2024	2023
Expected option term	6.0 years	6.0 years	6.0 years	6.0 years
Expected volatility	66%	65%	66%	66%
Risk free interest rate	4.5%	3.6%	4.3%	4.0%
Expected dividend yield	—%	—%	—%	—%

Summary of Stock-based Compensation Expense for the Equity Awards Issued to Employees and Non-Employees

Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Included in research and development	$	11,491	$	5,602	$	19,056	$	10,280
Included in general and administrative		7,449		4,573		13,338		7,991
Total stock-based compensation expense	$	18,940	$	10,175	$	32,394	$	18,271

Employee Stock Purchase Plan

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Weighted Average Assumptions Used to Estimate Fair Value of Stock Awards Granted to Employees

The following table summarizes the weighted average assumptions used to estimate the fair value of the ESPP for the periods presented below:

ESPP	Three and six months Ended June 30,
	2024	2023
Expected term	1.1 years	1.1 years
Expected volatility	74%	57%
Risk free interest rate	5.1%	4.9%
Expected dividend yield	—%	—%