Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

During the three and nine months ended September 30, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	11,949	$	11,287	$	36,542	$	36,285
General and administrative		9,594		8,681		28,078		26,323
Total	$	21,543	$	19,968	$	64,620	$	62,608

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2024:

	Shares			Weighted- average exercise price per share
Outstanding at December 31, 2023		7,204,372		$	55.05
Granted		1,080,824			68.37
Exercised		(839,077	)		33.92
Cancelled or forfeited		(392,917	)		75.21
Outstanding at September 30, 2024		7,053,202		$	58.49
Exercisable at September 30, 2024		4,790,177		$	57.94
Vested and expected to vest at September 30, 2024		7,053,202		$	58.49

Summary of Restricted Stock Activity

The following table summarizes restricted stock activity for the nine months ended September 30, 2024:

	Shares			Weighted- Average Grant Date Fair Value
Unvested balance at December 31, 2023		1,781,415		$	61.00
Granted		718,944			70.18
Vested		(388,426	)		71.24
Cancelled or forfeited		(183,949	)		56.54
Unvested balance at September 30, 2024		1,927,984		$	62.78