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Equity Incentive Plans and Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards
The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:
  Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Expected volatility
85.14% - 85.74%
86.82% - 89.30%
85.14% - 86.46%
Risk-free interest rate
3.45% - 4.20%
3.98% - 4.45%
3.45% - 4.60%
Expected dividend
Expected term (in years)
6.01 - 6.07
5.34 - 6.08
5.31 - 6.08
Underlying common stock fair value
$11.09 - $13.23
$1.37 - $12.63
$11.09 - $17.44
In the three months ending September 30, 2025, the company did not have any new equity grants or modifications of outstanding options or awards.
Schedule 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, 20248,300,804 $17.23 7.49$13,769 
Granted2,271,680 $9.68 
Exercised(4,921)$12.18 
Forfeited(2,479,046)$16.43 
Outstanding as of September 30, 20258,088,517 $15.36 6.99$— 
Exercisable as of September 30, 20255,108,451 $16.29 5.97$— 
Vested and expected to vest as of September 30, 20258,088,517 $15.36 6.99$— 
Schedule of Restricted Stock Activity
Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2024932,634 $24.28 
Granted840,341 $10.67 
Released(372,313)$26.02 
Forfeited(388,688)$14.50 
Unvested and outstanding as of September 30, 20251,011,974 $16.10 
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 rate
2.84 %
Schedule 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 and Nine Months Ended September 30,
 20252024
Risk-free interest rate
3.99% - 4.29%
4.80% - 5.27%
Expected term of options (in years)0.500.50
Expected stock price volatility
70.91% - 208.00%
50.95% - 63.92%
Expected dividends
Schedule 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 nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Stock options and ESPP$4,143 $6,021 $14,507 $18,666 
Restricted stock units2,275 2,706 7,202 9,266 
Performance-based restricted stock units— 172 — 1,277 
Total stock-based compensation expense$6,418 $8,899 $21,709 $29,209 
Research and development expenses$2,345 $3,599 $7,982 $10,771 
General and administrative expenses$4,073 $5,300 $13,727 $18,438