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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Summary of Stock-based Compensation Expense Recognized | During the three and nine months ended September 30, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands):
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock-based compensation expense by type of award: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 3,467 |  |  | $ | 1,320 |  |  | $ | 8,148 |  |  | $ | 4,311 |
Restricted stock and restricted stock units |  |  | 5,440 |  |  |  | 2,699 |  |  |  | 14,879 |  |  |  | 7,251 |
Employee stock purchase plan |  |  | 75 |  |  |  | 462 |  |  |  | 1,018 |  |  |  | 1,108 |
Total stock-based compensation expense included in expenses |  | $ | 8,982 |  |  | $ | 4,481 |  |  | $ | 24,045 |  |  | $ | 12,670 |
Stock-based compensation expense by line item: |  |  |  |  |  |  |  |  |  |  |  |
Research and development expenses |  | $ | 3,016 |  |  | $ | 1,145 |  |  | $ | 7,062 |  |  | $ | 3,571 |
General and administrative expenses |  |  | 5,966 |  |  |  | 3,336 |  |  |  | 16,983 |  |  |  | 9,099 |
Total stock-based compensation expense included in expenses |  | $ | 8,982 |  |  | $ | 4,481 |  |  | $ | 24,045 |  |  | $ | 12,670 |
Schedule of Unrecognized Stock-based Compensation Expense by Type of Award and Weighted-average Recognition Period | The following table sets forth the Company’s unrecognized stock-based compensation expense by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years):
|  | As of September 30, 2024 |
|  | Unrecognized Expense, Net of Estimated Forfeitures |  |  | Weighted- average Recognition Period (in years) |
Type of award: |  |  |  |  |  |
Stock options |  | $ | 20,272 |  |  |  | 2.72 |
Restricted stock and restricted stock units |  | $ | 16,195 |  |  |  | 1.69 |
Summary of Stock Option Activity | The following table summarizes stock option activity during the nine months ended September 30, 2024:
|  | Shares Subject to Stock Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Options outstanding at December 31, 2023 |  |  | 5,248,682 |  |  | $ | 6.79 |  |  |  | 7.10 |  |  |  | 62,210,000 |
Granted |  |  | 1,197,200 |  |  | $ | 22.39 |  |  |  |  |  |  |
Exercised |  |  | (1,568,990 | ) |  | $ | 6.00 |  |  |  |  |  |  |
Forfeited |  |  | (12,250 | ) |  | $ | 9.93 |  |  |  |  |  |  |
Cancelled |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Options outstanding at September 30, 2024 |  |  | 4,864,642 |  |  | $ | 10.87 |  |  |  | 7.51 |  |  |  | 255,374,000 |
Options exercisable at September 30, 2024 |  |  | 1,983,233 |  |  | $ | 7.64 |  |  |  | 6.18 |  |  |  | 110,485,000 |
Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model | the fair value of each employee option grant during the nine months ended September 30, 2024 was estimated on the date of grant using the Black-Scholes model with the following weighted average assumptions:
|  | Nine Months Ended September 30, 2024 |  |
Expected volatility |  |  | 82.86 |  | %
Expected term (in years) |  |  | 6.10 |  |
Risk-free interest rate |  |  | 3.86 |  | %
Expected dividend yield |  | 0 |  | %
Restricted stock [Member] |
Summary of Shares Granted and Stock Activity | The following table is a summary of restricted stock activity during the nine months ended September 30, 2024:
|  | Shares of Restricted Stock |  |  | Weighted- Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 183,095 |  |  | $ | 0.17 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | — |  |  | $ | — |
Repurchased |  |  | — |  |  | $ | — |
Unvested at September 30, 2024 |  |  | 183,095 |  |  | $ | 0.17 |
Restricted stock units [Member] |
Summary of Shares Granted and Stock Activity | The following table summarizes restricted stock unit activity during the nine months ended September 30, 2024:
|  | Shares Subject to Restricted Stock Units |  |  | Weighted- Average Grant Date Value |
Unvested at December 31, 2023 |  |  | 2,855,656 |  |  | $ | 7.32 |
Granted |  |  | 1,310,533 |  |  | $ | 17.40 |
Vested |  |  | (1,551,003 | ) |  | $ | 8.68 |
Forfeited |  |  | — |  |  | $ | — |
Cancelled |  |  | (77,834 | ) |  | $ | 7.77 |
Unvested at September 30, 2024 |  |  | 2,537,352 |  |  | $ | 11.68 |

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