v3.25.2
Stock Option and Grant Plan (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the condensed consolidated statements of operations and other comprehensive loss is as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

14,832

 

 

$

18,803

 

 

$

30,565

 

 

$

36,448

 

General and administrative

 

 

9,535

 

 

 

12,801

 

 

 

20,484

 

 

 

24,437

 

Total stock-based compensation expense

 

$

24,367

 

 

$

31,604

 

 

$

51,049

 

 

$

60,885

 

Summary of Stock Option Activity Under Equity Award Plans

The following table provides a summary of stock option activity under the Company’s equity award plans:

 

 

Number
of options

 

 

Weighted
average
exercise
price

 

Outstanding at December 31, 2024

 

 

9,605,542

 

 

$

38.62

 

Granted

 

 

2,527,034

 

 

 

24.61

 

Exercised

 

 

(195,198

)

 

 

12.68

 

Forfeited

 

 

(320,607

)

 

 

44.06

 

Outstanding at June 30, 2025

 

 

11,616,771

 

 

 

35.87

 

Exercisable as of June 30, 2025

 

 

6,736,942

 

 

$

40.93

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

 

 

Shares

 

 

Weighted-
average grant
date fair
value

 

Unvested as of December 31, 2024

 

 

2,576,855

 

 

$

36.98

 

Issued

 

 

1,269,600

 

 

 

19.39

 

Vested

 

 

(688,359

)

 

 

45.53

 

Forfeited

 

 

(272,784

)

 

 

24.86

 

Unvested as of June 30, 2025

 

 

2,885,312

 

 

$

28.35