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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Research and development expenses		$	8,298			$	3,016			$	22,283			$	8,222
General and administrative expenses			7,161				3,838				22,158				9,851
		$	15,459			$	6,854			$	44,441			$	18,073

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			1,446,701			$	75.41
Exercised			(1,110,247	)		$	18.38
Cancelled or forfeited			(150,914	)		$	47.78
Outstanding as of September 30, 2024			8,220,295			$	27.17				7.62			$	617,588
Exercisable as of September 30, 2024			4,250,968			$	14.07				6.90			$	375,044

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			710,041			$	74.10
Vested			—			$	—
Forfeited			(26,300	)		$	72.64
Outstanding as of September 30, 2024			683,741			$	74.16

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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