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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 Expense | Total stock-based compensation expense recorded related to awards granted to employees and non-employees was as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Research and development |  | $ | 5,900 |  | $ | 2,705 |  | $ | 9,683 |  | $ | 4,792 |
General and administrative |  |  | 3,834 |  |  | 2,026 |  |  | 6,363 |  |  | 3,598 |
Total stock-based compensation expense |  | $ | 9,734 |  | $ | 4,731 |  | $ | 16,046 |  | $ | 8,390 |
Summary of Activity under Plans | Activity under the Company’s 2015 and 2019 Plans and 2023 Inducement Plan is set forth below:
| Outstanding Options |  |  |  |  |
| Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (Millions) |
Balance, January 1, 2024 |  | 6,269,975 |  | $ | 15.53 |  |  | 7.82 |  | $ | 128.49 |
Options granted |  | 2,602,838 |  | $ | 44.41 |  |  |  |  |
Options exercised |  | (840,040 | ) | $ | 9.65 |  |  |  |  |
Options canceled |  | (198,134 | ) | $ | 22.59 |  |  |  |  |
Balance, June 30, 2024 |  | 7,834,639 |  | $ | 25.60 |  |  | 7.91 |  | $ | 96.02 |
Exercisable as of June 30, 2024 |  | 2,884,505 |  | $ | 15.12 |  |  | 6.65 |  | $ | 56.35 |
Vested and expected to vest as of June 30, 2024 |  | 7,834,639 |  | $ | 25.60 |  |  | 7.91 |  | $ | 96.02 |
Assumptions Used to Calculate Fair Values of Options | The fair values of options were calculated using the assumptions set forth below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected term |  | 5.5 years - 6.1 years |  | 6.1 years |  | 5.5 years - 6.1 years |  | 6.1 years
Expected volatility |  | 78.8% - 79.8% |  | 85.2% - 86.4% |  | 78.8% - 81.3% |  | 85.2%-86.9%
Risk-free interest rate |  | 4.3% - 4.7% |  | 3.6% - 4.1% |  | 4.0% - 4.7% |  | 3.6%-4.1%
Dividend yield |  | 0% |  | 0% |  | 0% |  | 0%

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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