XML 38 R29.htm IDEA: XBRL DOCUMENT v3.23.2
Equity Incentive Plans and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 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 June 30,
Six months ended June 30,
 2023202220232022
Expected volatility
81.16% - 81.66%
73.78% - 75.17%
80.97% - 81.66%
73.78% - 75.17%
Risk-free interest rate
3.44% - 3.88%
1.64% - 3.39%
3.42%- 4.18%
1.64% - 3.39%
Expected dividend————
Expected term (in years)
5.31 - 6.07
5.33 - 6.08
5.31- 6.08
5.33 - 6.08
Underlying common stock fair value
$22.33 - $26.50
$4.92 - $12.68
$21.94 - $34.65
$4.92 - $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 
Granted1,623,184 $30.85 
Exercised(477,539)$6.80 
Forfeited(82,052)$16.07 
Outstanding as of June 30, 20236,633,160 $18.06 8.18$32,749 
Exercisable as of June 30, 20232,806,127 $13.98 7.26$20,335 
Vested and expected to vest as of June 30, 20236,633,160 $18.06 8.18$32,749 
Summary of Restricted Stock Activity The following table sets forth the outstanding RSUs and related activity for the six months ended June 30, 2023:
Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2022507,925 17.43 
Granted671,708 34.65 
Forfeited(18,647)22.60 
Unvested and outstanding at June 30, 20231,160,986 27.31 
PSUs associated with clinical development milestones at maximum level achievement with a weighted average grant date fair value of $17.57 per share.
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$17.57 
Award term (years)1.92
Volatility70.62 %
Correlation coefficient0.3508
Average peer group volatility79.69 %
Average peer group correlation coefficient0.4397
Risk free interest rate2.84 %
Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:
 Six Months Ended
June 30,
 20232022
Risk-free interest rate5.20 %0.60 %
Expected term of options (in years)0.500.50
Expected stock price volatility69.15 %63.17 %
Expected dividends— — 
Summary of Classification of Stock-based Compensation Expense
The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards for the three and six months ended June 30, 2023 and 2022 (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Restricted stock awards$— $7 $— $36 
Stock options and ESPP5,229 3,396 10,032 6,898 
Restricted stock units2,963 — 5,569 — 
Performance-based restricted stock units4,854 — 9,368 — 
Total stock-based compensation expense$13,046 $3,403 $24,969 $6,934 
Research and development expenses$5,294 $1,761 $10,142 $3,675 
General and administrative expenses$7,752 $1,642 $14,827 $3,259