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Stock-Based Compensation (Tables)

6 Months Ended

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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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)
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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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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.

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