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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 8. Stock-Based Compensation Equity Incentive Plans The Company has issued stock-based awards from various equity incentive and stock purchase plans, as more fully described in Note 8—Stock-Based Compensation of the Company’s Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended December 31, 2023. Equity Incentive Plans Activity Stock Options The following table summarizes stock option activity under the Company’s equity incentive plans for the six months ended June 30, 2024:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | Number of |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term |  |  | Value |
|  |  |  |  |  |  |  | (In years) |  |  | (In thousands) |
Balance outstanding as of December 31, 2023 |  |  | 4,686,577 |  |  | $ | 14.11 |  |  |  | 7.9 |  |  | $ | 11,712 |
Granted |  |  | 2,530,900 |  |  |  | 9.96 |  |  |  |  |  |  |
Exercised |  |  | (27,981 | ) |  |  | 2.20 |  |  |  |  |  |  |
Forfeited |  |  | (144,545 | ) |  |  | 12.49 |  |  |  |  |  |  |
Balance outstanding as of June 30, 2024 |  |  | 7,044,951 |  |  | $ | 12.70 |  |  |  | 8.1 |  |  | $ | 6,409 |
Exercisable as of June 30, 2024 |  |  | 2,783,861 |  |  | $ | 14.89 |  |  |  | 6.6 |  |  | $ | 5,140 |
The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
Expected term (years) |  | 5.5–6.1 |  | 5.5–6.1
Expected volatility |  | 87.3–90.4% |  | 91.6–98.2%
Risk-free interest rate |  | 3.8–4.6% |  | 3.4–3.8%
Expected dividend |  | — |  | —
As of June 30, 2024, total unrecognized stock-based compensation expense related to unvested stock options was $32.5 million, which is expected to be recognized over a weighted-average period of 2.8 years. RSU and PSUs RSUs generally vest annually over a two or three-year period. PSUs generally contain performance conditions associated with corporate goals, such as achievement of certain development milestones, that vests upon achievement over a one to three-year period. The following table summarizes RSU and PSU activity for the six months ended June 30, 2024:
|  | RSUs |  |  | PSUs |
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value per Share |  |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value per Share |
Balance outstanding as of December 31, 2023 |  |  | 688,382 |  |  | $ | 10.72 |  |  |  | 299,168 |  |  | $ | 5.96 |
Granted |  |  | 656,950 |  |  |  | 9.96 |  |  |  | 192,000 |  |  |  | 9.98 |
Vested |  |  | (170,372 | ) |  |  | 13.76 |  |  |  | (159,168 | ) |  |  | 7.00 |
Forfeited |  |  | (44,837 | ) |  |  | 8.50 |  |  |  | (10,000 | ) |  |  | 9.98 |
Balance outstanding as of June 30, 2024 |  |  | 1,130,123 |  |  | $ | 9.91 |  |  |  | 322,000 |  |  | $ | 7.72 |
As of June 30, 2024, total unrecognized stock-based compensation expense related to RSUs and PSUs was $10.4 million, which is expected to be recognized over a weighted-average period of 1.7 years. Stock-Based Compensation The Company recorded stock-based compensation expense for the periods indicated as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,342 |  |  | $ | 1,712 |  |  | $ | 4,657 |  |  | $ | 3,199 |
General and administrative |  |  | 2,827 |  |  |  | 2,425 |  |  |  | 5,510 |  |  |  | 4,489 |
Total stock-based compensation |  | $ | 5,169 |  |  | $ | 4,137 |  |  | $ | 10,167 |  |  | $ | 7,688 |

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