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Stock Compensation (Table) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Company's Equity Plans | The table below summarizes the Company's equity plans as of December 31, 2024:
Plan |  | Maximum Number of Shares Authorized |  |  | Shares Available for Future Issuance |
2024 Inducement Plan |  |  | 1,250,000 |  |  |  | 71,075 |
2021 Equity Incentive Plan |  |  | 6,873,404 |  |  |  | 682,278 |
2017 Equity Incentive Plan |  |  | 2,275,305 |  |  |  | — |
2021 Employee Stock Purchase Plan |  |  | 1,148,444 |  |  |  | 1,059,692 |
Summary of Share-based Compensation Arrangements by Share-based Payment Award | Stock option activity under the 2017 EIP, 2021 EIP, and 2024 Inducement Plan is summarized 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 |  |  | 2,799,750 |  |  | $ | 25.83 |  |  |  |  |  |  |
Exercised |  |  | (1,486,314 | ) |  | $ | 8.66 |  |  |  |  |  |  |
Cancelled and forfeited |  |  | (463,875 | ) |  | $ | 10.93 |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 6,611,797 |  |  | $ | 16.44 |  |  |  | 8.11 |  |  | $ | 172,630 |
Options exercisable as of December 31, 2024 |  |  | 2,703,670 |  |  | $ | 9.65 |  |  |  | 7.11 |  |  | $ | 88,257 |
Vested and expected to vest as of December 31, 2024 |  |  | 6,611,797 |  |  | $ | 16.44 |  |  |  | 8.11 |  |  | $ | 172,630 |
Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table shows RSU activity for the period ending December 31, 2024:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value per Share |
Unvested balance at December 31, 2023 |  |  | 131,679 |  |  | $ | 18.36 |
Granted |  |  | 713,812 |  |  |  | 29.67 |
Vested |  |  | (111,396 | ) |  |  | 19.03 |
Cancelled and forfeited |  |  | (37,207 | ) |  |  | 22.33 |
Unvested balance at December 31, 2024 |  |  | 696,888 |  |  | $ | 29.63 |
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 statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023 (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 8,537 |  |  | $ | 4,845 |
General and administrative |  |  | 12,265 |  |  |  | 6,648 |
Total stock-based compensation expense |  | $ | 20,802 |  |  | $ | 11,493 |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Employees |  | $ | 18,356 |  |  | $ | 10,494 |
Nonemployees |  |  | 2,446 |  |  |  | 999 |
Total stock-based compensation expense |  | $ | 20,802 |  |  | $ | 11,493 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options granted during the years ended December 31, 2024 and 2023, was estimated using the Black-Scholes option pricing model based on the following assumptions:
|  | Year Ended December 31,
|  | 2024 |  | 2023
Expected term (in years) |  | 5.4 – 6.1 |  | 5.5 – 6.1
Expected volatility |  | 69.7% – 73.2% |  | 79.5% – 80.5%
Risk-free rate |  | 3.6% – 4.6% |  | 3.4% – 4.7%
Dividend yield |  | — |  | —

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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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