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Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense

Share-based compensation expense by type of award was as follows (in thousands):

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

2022

 

2023

 

2022

 

Stock options

$

4,992

 

$

4,398

 

$

9,907

 

$

7,428

 

Restricted stock units

 

3,064

 

 

948

 

 

5,941

 

 

1,645

 

Restricted stock units - chief executive officer

 

2,205

 

 

598

 

 

4,411

 

 

1,352

 

ESPP

 

143

 

 

 

301

 

 

 

Total share-based compensation expense

$

10,404

 

$

5,944

 

$

20,560

 

$

10,425

 

 

Share-based compensation expense as reflected in the condensed consolidated statement of operations and comprehensive loss was as follows (in thousands):

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

2022

 

2023

 

2022

 

Research and development

$

2,712

 

$

2,440

 

$

5,403

 

$

3,723

 

General and administrative

 

7,692

 

 

3,505

 

 

15,157

 

 

6,702

 

Total share-based compensation expense

$

10,404

 

$

5,944

 

$

20,560

 

$

10,425

 

Summary of Stock Option Activity

A summary of stock option activity for awards under the 2017 Plan and the 2022 Plan is presented below:

 

 

Options Outstanding and Exercisable

 

 

Shares Subject to Outstanding Options

 

Weighted
Average
Exercise
Price per Option

 

Weighted
Average
Remaining
Contractual
Life Term (in Years)

 

Aggregate
Intrinsic
Value (1)
(in thousands)

 

Outstanding as of January 1, 2023

 

8,053,704

 

$

9.59

 

 

8.3

 

$

172,294

 

Options Granted

 

890,358

 

 

31.56

 

 

 

 

 

Options Forfeited

 

(18,816

)

 

10.86

 

 

 

 

 

Options Exercised

 

(433,574

)

 

7.70

 

 

 

 

 

Outstanding as of June 30, 2023

 

8,491,672

 

$

11.98

 

 

8.0

 

$

167,173

 

Exercisable as of June 30, 2023

 

3,907,821

 

$

8.00

 

 

7.3

 

$

92,299

 

(1)
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of June 30, 2023.
Summary of Restricted Stock Units Activity

A summary of RSU activity for awards under the 2022 Plan, excluding the 2023 RSU Award and 2021 RSU Award (each defined below) granted to the chief executive officer, is presented below:

 

 

Shares Subject to Outstanding Awards

 

Weighted Average Grant Date Fair Value

 

Outstanding as of January 1, 2023

 

927,954

 

$

17.20

 

RSUs Granted

 

790,233

 

 

31.56

 

RSUs Vested

 

(269,026

)

 

16.72

 

RSUs Forfeited

 

(22,578

)

 

22.77

 

Outstanding as of June 30, 2023

 

1,426,583

 

$

25.16

 

Schedule of Assumptions used in Determining Grant Date Fair Value of RSU Awards

 

 

 

Semi-Annual Measurement

 

Change in Control

Time to award end date

 

10 years

 

5 years

Equity volatility

 

75.0%

 

75.0%

Risk-free interest rate

 

3.8%

 

3.9%

Fair value of the 2023 RSU award (in thousands)

 

$13,811

 

$10,999