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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2023
Nonvested Restricted Stock Shares Activity RSU activity for the years ended December 31, 2023 and 2022 was as follows:

 

 

 

Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Unvested at December 31, 2021

 

 

 

 

$

 

Granted

 

 

581,047

 

 

 

26.25

 

Vested and released

 

 

(79,229

)

 

 

24.79

 

Cancelled

 

 

(45,052

)

 

 

24.32

 

Unvested at December 31, 2022

 

 

456,766

 

 

$

26.70

 

Granted

 

 

574,123

 

 

 

45.57

 

Vested and released

 

 

(232,890

)

 

 

30.97

 

Cancelled

 

 

(44,537

)

 

 

40.78

 

Unvested at December 31, 2023

 

 

753,462

 

 

$

38.93

 

Summary of Activity under Employee Stock Purchase Plan Activity under our 2020 ESPP was as follows:

 

 

Shares

 

Balance - December 31, 2021

 

 

1,070,704

 

Additional shares authorized

 

 

530,319

 

Shares purchased

 

 

(61,709

)

Balance - December 31, 2022

 

 

1,539,314

 

Additional shares authorized

 

 

794,706

 

Shares purchased

 

 

(76,275

)

Balance - December 31, 2023

 

 

2,257,745

 

 

Summary of Estimated Fair Value of Employee Stock Options

We estimated the fair value of employee stock options using the Black-Scholes option-pricing model for the years ended December 31, 2023, 2022 and 2021 using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

2023

 

2022

 

2021

Fair Value Assumptions

 

 

 

 

 

 

Expected volatility

 

71.3% - 74.0%

 

78.1% - 85.1%

 

81.0% - 84.1%

Expected dividend yield

 

0%

 

0%

 

0%

Expected term (in years)

 

5.3 - 5.4

 

5.3 - 5.5

 

5.3 - 5.5

Risk-free interest rate

 

3.5% - 4.6%

 

1.6% - 4.4%

 

0.5% - 1.3%

2020 Plan and 2014 Plan  
Summary of Activity Under Stock Option Plans

Stock option activity under our 2020 Plan and 2014 Plan, which excludes options to purchase 36,710 shares granted outside of the 2020 Plan and 2014 Plan, was as follows:

 

 

 

 

 

 

Options Outstanding

 

Stock Option and Restricted Stock Units Activity

 

Options
and RSUs
Available
for
Grant

 

 

Number
of
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value

 

Balances — December 31, 2021

 

 

6,104,756

 

 

 

5,295,007

 

 

$

9.30

 

 

 

 

 

 

 

Additional shares authorized

 

 

2,651,598

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

(3,850,981

)

 

 

3,850,981

 

 

$

27.67

 

 

 

 

 

 

 

Options exercised

 

 

385

 

(1)

 

(1,153,285

)

 

$

4.25

 

 

 

 

 

 

 

Options forfeited

 

 

277,209

 

 

 

(277,209

)

 

$

23.54

 

 

 

 

 

 

 

Restricted Stock Units granted

 

 

(581,047

)

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units withheld

 

 

32,626

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units forfeited

 

 

45,052

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances — December 31, 2022

 

 

4,679,598

 

 

 

7,715,494

 

 

$

18.70

 

 

 

8.20

 

 

$

225,667

 

Additional shares authorized

 

 

3,973,533

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

(2,343,037

)

 

 

2,343,037

 

 

$

44.44

 

 

 

 

 

 

 

Options exercised

 

 

1,080

 

(1)

 

(538,888

)

 

$

10.50

 

 

 

 

 

 

 

Options forfeited

 

 

204,807

 

 

 

(204,807

)

 

$

32.58

 

 

 

 

 

 

 

Restricted Stock Units granted

 

 

(574,123

)

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units withheld

 

 

78,755

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units forfeited

 

 

44,537

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances — December 31, 2023

 

 

6,065,150

 

 

 

9,314,836

 

 

$

25.35

 

 

 

7.75

 

 

$

348,868

 

Vested and expected to vest — December 31, 2023

 

 

 

 

 

9,314,836

 

 

$

25.35

 

 

 

7.75

 

 

$

348,868

 

Exercisable at December 31, 2023

 

 

 

 

 

4,646,989

 

 

$

16.40

 

 

 

6.80

 

 

$

215,608

 

______________________________________

(1)
Shares returned due to net exercises.
2020 Employee Stock Purchase Plan  
Summary of Estimated Fair Value of Shares Under Employee Stock Purchase Plan

We estimated the fair value of shares under the 2020 ESPP using the Black-Scholes option-pricing model for the years ended December 31, 2023, 2022 and 2021 using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

2023

 

2022

 

2021

Fair Value Assumptions

 

 

 

 

 

 

Expected volatility

 

38.1% - 99.7%

 

78.8% - 99.7%

 

79.6% - 126.3%

Expected dividend yield

 

0%

 

0%

 

0%

Expected term (in years)

 

0.5 - 2.0

 

0.5 - 2.0

 

0.5 - 2.0

Risk-free interest rate

 

4.2% - 5.4%

 

0.1% - 4.7%

 

0.0% - 0.5%

2014 Plan, 2020 Plan and 2020 ESPP  
Summary of Stock-based Compensation Expense

We recorded total stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the consolidated statements of operations and allocated the amounts as follows:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

(In thousands)

 

Research and development

 

$

23,275

 

 

$

9,899

 

 

$

3,954

 

General and administrative

 

 

25,485

 

 

 

13,751

 

 

 

6,775

 

Total

 

$

48,760

 

 

$

23,650

 

 

$

10,729