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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of stock-based compensation expenses | The Company recorded stock-based compensation expense within its condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development expenses |  | $ | 7,322 |  |  | $ | 2,693 |  |  | $ | 13,985 |  |  | $ | 5,206 |
General and administrative expenses |  |  | 7,803 |  |  |  | 3,155 |  |  |  | 14,997 |  |  |  | 6,013 |
|  | $ | 15,125 |  |  | $ | 5,848 |  |  | $ | 28,982 |  |  | $ | 11,219 |
Summary of stock option activity | The following table summarizes the Company’s option activity since December 31, 2023:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  | Average |  |  |  |
|  |  |  |  | Weighted |  |  | Remaining |  |  | Aggregate |
|  |  |  |  | Average |  |  | Contractual |  |  | Intrinsic |
|  | Number |  |  | Exercise |  |  | Term |  |  | Value |
|  | of Shares |  |  | Price |  |  | (in years) |  |  | (in thousands) |
Outstanding as of December 31, 2023 |  |  | 8,034,755 |  |  | $ | 17.66 |  |  |  | 8.06 |  |  | $ | 449,403 |
Granted |  |  | 1,198,801 |  |  | $ | 75.18 |  |  |  |  |  |  |
Exercised |  |  | (649,595 | ) |  | $ | 16.09 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (22,717 | ) |  | $ | 34.87 |  |  |  |  |  |  |
Outstanding as of June 30, 2024 |  |  | 8,561,244 |  |  | $ | 25.78 |  |  |  | 7.85 |  |  | $ | 430,979 |
Exercisable as of June 30, 2024 |  |  | 4,113,020 |  |  | $ | 13.42 |  |  |  | 7.18 |  |  | $ | 256,837 |
Summary of Restricted Stock Unit Activity | The following table summarizes the Company’s RSU activity since December 31, 2023:
|  | Number of Shares |  |  | Weighted Average Grant-Date Fair Value |
Outstanding as of December 31, 2023 |  |  | — |  |  | $ | — |
Granted |  |  | 652,281 |  |  | $ | 73.93 |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (2,000 | ) |  | $ | 72.35 |
Outstanding as of June 30, 2024 |  |  | 650,281 |  |  | $ | 73.94 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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