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Stock Compensation (Tables) | 9 Months Ended
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Sep. 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 |  |  | 2,340,950 |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (1,167,790 | ) |  |  |  |  |  |  |  |  |
Cancelled and forfeited |  |  | (445,937 | ) |  |  |  |  |  |  |  |  |
Outstanding as of September 30, 2024 |  |  | 6,489,459 |  |  | $ | 13.97 |  |  |  | 8.16 |  |  | $ | 196,198 |
Options exercisable as of September 30, 2024 |  |  | 2,646,618 |  |  | $ | 9.14 |  |  |  | 7.23 |  |  | $ | 92,781 |
Vested and expected to vest as of September 30, 2024 |  |  | 6,489,459 |  |  | $ | 13.97 |  |  |  | 8.16 |  |  | $ | 196,198 |
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 nine months ended September 30, 2024 and 2023.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,261 |  |  | $ | 1,146 |  |  | $ | 5,888 |  |  | $ | 3,511 |
General and administrative |  |  | 3,327 |  |  |  | 1,777 |  |  |  | 8,697 |  |  |  | 4,761 |
Total stock-based compensation expense |  | $ | 5,588 |  |  | $ | 2,923 |  |  | $ | 14,585 |  |  | $ | 8,272 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Employees |  | $ | 4,791 |  |  | $ | 2,621 |  |  | $ | 12,923 |  |  | $ | 7,542 |
Nonemployees |  |  | 797 |  |  |  | 302 |  |  |  | 1,662 |  |  |  | 730 |
Total stock-based compensation expense |  | $ | 5,588 |  |  | $ | 2,923 |  |  | $ | 14,585 |  |  | $ | 8,272 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options granted during the three and nine months ended September 30, 2024 and 2023, was estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 | 2023 |  | 2024 | 2023
Expected term (in years) |  | 6 - 6.1 | 6.1 |  | 5.5 - 6.1 | 5.5 - 6.1
Expected volatility |  | 70.3% - 70.4% | 80.2% |  | 70.3% - 73.2% | 79.5% - 80.5%
Risk-free rate |  | 3.6% - 4.4% | 4.2% |  | 3.6% - 4.6% | 3.4% - 4.2%
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 September 30, 2024.
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested balance at December 31, 2023 |  |  | 131,679 |  |  | $ | 18.36 |
Granted |  |  | 484,662 |  |  |  | 22.07 |
Vested |  |  | (107,472 | ) |  |  | 18.52 |
Cancelled and forfeited |  |  | (29,332 | ) |  |  | 17.86 |
Unvested balance at September 30, 2024 |  |  | 479,537 |  |  | $ | 22.10 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References No definition available. + Details
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