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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 6. Stock-Based Compensation 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 |
As of June 30, 2024, total unrecognized compensation cost related to equity-based awards was $150.9 million, which is expected to be recognized over a weighted average period of 2.7 years. 2021 equity incentive plan In July 2021, the Company adopted the 2021 Stock Option and Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), unrestricted stock awards, cash-based awards and dividend equivalent rights. Stock awards granted under the 2021 Plan with service-based vesting conditions generally vest over three- or four-year service periods, and stock options expire after ten years. As of June 30, 2024, 7,068,809 shares of Class A common stock remained available for future issuance under the 2021 Plan. 2021 employee stock purchase plan In July 2021, the Company adopted the 2021 Employee Stock Purchase Plan, as amended and restated (the “ESPP”). The ESPP permits eligible employees to purchase shares of Class A common stock at a discount in accordance with the terms of the offering and consists of consecutive, overlapping 12-month offering periods, each consisting of two six-month purchase periods beginning in December and June of each year. During the three and six months ended June 30, 2024, 5,237 shares were sold under the ESPP. As of June 30, 2024, 1,873,832 shares of Class A common stock remained available for issuance under the ESPP. Stock options 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 |
The aggregate intrinsic value of stock options exercised during the three months ended June 30, 2024 and 2023 was $12.2 million and $6.3 million, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2024 and 2023 was $40.2 million and $8.1 million, respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock on the date of exercise. The weighted average grant-date fair value of stock options granted during the three months ended June 30, 2024 and 2023 was $50.35 per share and $28.89 per share, respectively. The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2024 and 2023 was $51.79 per share and $20.68 per share, respectively. RSUs 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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