v3.25.2
Equity Incentive Plans and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards
The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:
  Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Expected volatility
88.02% - 89.30%
85.58% - 86.46%
86.82% - 89.30%
85.28% - 86.46%
Risk-free interest rate
3.98% - 4.12%
4.17% - 4.60%
3.98% - 4.45%
4.04% - 4.60%
Expected dividend————
Expected term (in years)
5.34 - 6.07
5.31 - 6.08
5.34 - 6.08
5.31 - 6.08
Underlying common stock fair value
$1.37 - $1.61
$11.51 - $15.36
$1.37 - $12.63
$11.51 - $17.44
Schedule of Option Activity Under the 2015 Plan and 2020 Plan
A summary of option activity under the 2015 Plan and the 2020 Plan is as follows:
  Number
of
Options		Weighted-
Average Exercise
Price per Share		Weighted-
Average
Remaining
Contractual
Term (in Years)		Aggregate
Intrinsic
Value
Outstanding as of December 31, 20248,300,804 $17.23 7.49$13,769 
Granted2,271,680 $9.68 
Exercised(4,921)$12.18 
Forfeited(1,530,487)$14.88 
Outstanding as of June 30, 20259,037,076 $15.73 6.78$— 
Exercisable as of June 30, 20255,613,168 $16.74 5.50$— 
Vested and expected to vest as of June 30, 20259,037,076 $15.73 6.78$— 
Schedule of Restricted Stock Activity
Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2024932,634 $24.28 
Granted840,341 $10.67 
Released(370,437)$26.09 
Forfeited(341,888)$14.64 
Unvested and outstanding as of June 30, 20251,060,650 $15.97 
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions
The fair value of the TSR PSUs were derived from a Monte Carlo simulation model that used the following key assumptions:
Valuation date share price$17.57 
Award term (years)1.92
Volatility70.62 %
Correlation coefficient0.3508
Average peer group volatility79.69 %
Average peer group correlation coefficient0.4397
Risk-free interest rate
2.84 %
Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:
  Three and Six Months Ended June 30,
 20252024
Risk-free interest rate4.29%5.27%
Expected term of options (in years)0.500.50
Expected stock price volatility208.00%63.92%
Expected dividends——
Schedule of Classification of Stock-based Compensation Expense
The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Stock options and ESPP$4,406 $6,287 $10,367 12,645 
Restricted stock units1,976 3,314 4,927 6,560 
Performance-based restricted stock units— 1,043 — 1,105 
Total stock-based compensation expense$6,382 $10,644 $15,294 $20,310 
Research and development expenses$1,935 $4,102 $5,637 $7,172 
General and administrative expenses$4,447 $6,542 $9,657 $13,138