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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

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

Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model

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.

Summary of Restricted Stock Unit Activity

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

Summary of Stock-Based Compensation Expense

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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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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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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