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Equity Incentive Plans and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards
The Company used the Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:
  
Three months ended March 31,
 20232022
Expected volatility
80.97% - 81.41%
74.48% - 75.01%
Risk-free interest rate
3.42% - 4.18%
1.64% - 2.13%
Expected dividend——
Expected term (in years)
5.77 - 6.08
6.02 - 6.08
Underlying common stock fair value
21.94 - 34.65
7.56 - 12.68
Summary of Option Activity Under the 2015 Plan and 2020 Plan
A summary of option activity under the 2015 Plan and the 2020 Plan is as follows:
  Number
of
Options		Weighted-
Average Exercise
Price per Share		Weighted-
Average
Remaining
Contractual
Term (in Years)		Aggregate
Intrinsic
Value
Outstanding as of December 31, 20225,569,567 $13.34 7.96$43,696 
Granted1,278,984 $32.71 
Exercised(411,018)$7.09 
Forfeited(56,942)$12.87 
Outstanding as of March 31, 20236,380,591 $17.63 8.33$66,628 
Exercisable as of March 31, 20232,441,738 $13.49 7.32$32,909 
Vested and expected to vest as of March 31, 20236,380,591 $17.63 8.33$66,628 
Summary of Restricted Stock Activity The following table sets forth the outstanding RSUs and related activity for the three months ended March 31, 2023:
Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2022507,925 17.43 
Granted671,708 34.65 
Forfeited(11,097)20.19 
Unvested and outstanding at March 31, 20231,168,536 27.30 
The following table sets forth the outstanding PSUs associated with clinical development milestones and related activity during the three months ended March 31, 2023:
Performance Stock UnitsWeighted Average Grant Date Fair Value
Unvested balance at December 31, 2022177,266 17.57 
Granted*— 17.57 
Adjustment for expected performance achievement354,532 17.57 
Vested(177,266)17.57 
Unvested balance at March 31, 2023354,532 17.57 
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions The fair value of the TSR PSUs were derived from a Monte Carlo simulation model that used the following key assumptions:
Valuation date share price$17.57 
Award term (years)1.92
Volatility70.62 %
Correlation coefficient0.3508
Average peer group volatility79.69 %
Average peer group correlation coefficient0.4397
Risk free interest rate2.84 %
Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:
 Three Months Ended
March 31,
 20232022
Risk-free interest rate
5.20%
0.60%
Expected term of options (in years)
0.50
0.50
Expected stock price volatility
69.15%
63.17%
Expected dividends
—
—
Summary of Classification of Stock-based Compensation Expense
The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended
March 31,
20232022
Restricted stock awards$— $29 
Stock options and ESPP4,803 3,502 
Restricted stock units2,606 — 
Performance-based restricted stock units4,514 — 
Total stock-based compensation expense$11,923 $3,531 
Research and development expenses$4,848 $1,914 
General and administrative expenses$7,075 $1,617