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Stock Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Arrangements by Share-based Payment Award

Stock option activity under the 2017 EIP and 2021 EIP was as follows:

		Number of Options				Weighted Average Exercise Price per Share				Weighted Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value (000s)
Outstanding as of December 31, 2023			5,762,236			$	9.42				7.66			$	39,197
Granted			1,973,100
Exercised			(1,067,162	)
Cancelled and forfeited			(419,602	)
Outstanding as of June 30, 2024			6,248,572			$	12.52				8.30			$	148,917
Options exercisable as of June 30, 2024			2,372,563			$	8.64				7.38			$	65,350
Vested and expected to vest as of June 30, 2024			6,248,572			$	12.52				8.30			$	148,917

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following tables summarize the stock-based compensation expense for stock options and restricted stock units granted to employees and nonemployees and for ESPP stock-based compensation that was recorded in the Company’s condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023.

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Research and development		$	1,899			$	1,231			$	3,627			$	2,365
General and administrative			2,974				1,451				5,370				2,984
Total stock-based compensation expense		$	4,873			$	2,682			$	8,997			$	5,349

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Employees		$	4,261			$	2,597			$	8,132			$	4,921
Nonemployees			612				85				865				428
Total stock-based compensation expense		$	4,873			$	2,682			$	8,997			$	5,349

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted during the three and six months ended June 30, 2024 and 2023, was estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions.

		Three Months Ended June 30,			Six Months Ended June 30,
		2024	2023		2024	2023
Expected term (in years)		5.5 – 6.1	5.5 – 6.1		5.5 – 6.1	5.5 – 6.1
Expected volatility		71.9% – 72.8%	80.2% – 80.5%		67.7% – 72.8%	79.5% – 80.5%
Risk-free rate		4.3% – 4.6%	3.4% – 3.8%		3.8% – 4.6%	3.4% – 4.0%
Dividend yield		—	—		—	—

Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table shows RSU activity for the period ended June 30, 2024.

		Number of Shares				Weighted Average Grant Date Fair Value per Share
Unvested balance at December 31, 2023			131,679			$	18.36
Granted			389,362				18.67
Vested			(1,875	)			15.46
Cancelled and forfeited			(25,332	)			18.03
Unvested balance at June 30, 2024			493,834			$	18.63

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Tabular disclosure of share-based payment arrangement.

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-Name Accounting Standards Codification
-Section 50
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-Topic 718
-Publisher FASB
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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 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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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