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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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):

		Year Ended December 31,
		2024				2023				2022
Research and development		$	21,115			$	10,826			$	6,050
General and administrative			13,631				7,663				5,579
Total stock-based compensation expense		$	34,746			$	18,489			$	11,629

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 (in thousands)
Balance, January 1, 2024			6,269,975			$	15.53				7.82			$	128.49
Options granted			3,247,538			$	41.88
Options exercised			(1,118,695	)		$	11.16
Options canceled			(661,223	)		$	29.57
Balance, December 31, 2024			7,737,595			$	26.06				7.89				43.01
Exercisable as of December 31, 2024			3,185,690			$	15.63				6.62			$	31.04
Vested and expected to vest as of    December 31, 2024			7,737,595			$	26.06				7.89			$	43.01

Assumptions Used to Calculate Fair Values of Options

The fair values of options were calculated using the assumptions set forth below:

		Year Ended December 31,
		2024		2023		2022
Expected term		5.5 - 6.1 years		6.1 years		6.1 years
Expected volatility		76.8% - 81.3%		81.8% - 86.9%		86.8% - 89.9%
Risk-free interest rate		3.6% - 4.7%		3.6% - 4.8%		1.6% - 4.1%
Dividend yield		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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-SubTopic 10
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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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