Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Share-Based Compensation Expense |
The following table summarizes share-based compensation expense for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Research and development | $ | 4,674 | | | $ | 5,634 | | | $ | 9,519 | | | $ | 11,089 | | | General and administrative | 5,663 | | | 6,407 | | | 11,767 | | | 13,335 | | Restructuring costs (1) | 2,081 | | | — | | | 2,081 | | | — | | | Total share-based compensation expense | $ | 12,418 | | | $ | 12,041 | | | $ | 23,367 | | | $ | 24,424 | |
________________ (1)Restructuring costs for the three and six months ended June 30, 2025 includes $2.1 million of share-based compensation expense related to the contractual acceleration of vesting of certain option awards granted to executive officers.
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| Fair Value of Options Granted |
The fair value of the options granted to employees and non-employee directors during the six months ended June 30, 2025 and 2024 was estimated as of the grant date using the Black-Scholes option-pricing model using the key assumptions listed in the following table. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Expected term (in years) | 4.81 | ‘- | 5.76 | | 4.60 | ‘- | 5.56 | | 4.78 | - | 5.76 | | 4.60 | - | 5.56 | | Expected volatility | 77.7% | ‘- | 79.0% | | 74.5% | ‘- | 77.8% | | 76.5% | - | 79.0% | | 74.5 | % | - | 78.6% | | Risk-free interest rate | 3.8% | ‘- | 4.2% | | 4.4% | ‘- | 4.7% | | 3.8% | - | 4.4% | | 3.8 | % | - | 4.7% | | Expected dividend yield | —% | | —% | | —% | | —% | | Weighted average grant date fair value | $4.77 | | $14.58 | | $9.49 | | $19.21 |
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| Summary of Company's Share Option Activity |
The following table summarizes the Company’s stock option activity during the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Weighted
Average
Exercise
Price | | Weighted
Average
Remaining
Contractual
Term (years) | | Aggregate
Intrinsic
Value
(in thousands) | Outstanding at December 31, 2024 | 11,107,373 | | | $ | 28.70 | | | 6.16 | | $ | 3,401 | | Granted | 2,086,686 | | | 14.26 | | | | | | | Exercised | — | | | — | | | | | | | Forfeited | (87,987) | | | 29.37 | | | | | | | Expired | (211,427) | | | 25.64 | | | | | | Outstanding at June 30, 2025 | 12,894,645 | | | $ | 26.41 | | | 4.54 | | $ | — | | Vested and expected to vest at June 30, 2025 | 12,248,274 | | | $ | 26.57 | | | 4.46 | | $ | — | | Vested at June 30, 2025 | 8,525,916 | | | $ | 26.47 | | | 3.82 | | $ | — | |
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| Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option |
The following table summarizes the activity and related information for RSUs during the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Units | | Weighted Average
Grant-Date
Fair Value | | Weighted
Average
Remaining
Contractual
Term (years) | | Aggregate
Intrinsic
Value
(in thousands) | Unvested at December 31, 2024 | | 6,000 | | | $ | 51.80 | | | 0.71 | | $ | 83 | | Units Granted | | 286,974 | | | 14.90 | | | | | | | Units Vested | | — | | | — | | | | | | | Units Forfeited | | (9,667) | | | 14.95 | | | | | | Unvested at June 30, 2025 | | 283,307 | | | $ | 15.68 | | | 1.71 | | $ | 1,720 | | Unvested and expected to vest at June 30, 2025 | | 233,340 | | | $ | 15.84 | | | 1.62 | | $ | 1,416 | |
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