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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock unit activity:

			Shares						Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023			47,145						$	202.27
Issued			197,097						51.98
Vested			(11,856)						309.13
Forfeited			(9,712)						54.86
Unvested as of September 30, 2024			222,674						$	69.98

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity:

			Number of Shares						Weighted Average Exercise Price per Share						Weighted Average Remaining Contractual Term						Aggregate Intrinsic Value
															(In years)						(In thousands)
Outstanding as of December 31, 2023			666,163						$	160.19
Granted			1,195,546						51.43
Exercised			(8,753)						39.75												$	134
Cancelled or Forfeited			(23,632)						127.76
Outstanding as of September 30, 2024			1,829,324						$	90.08					8.71						$	12,800
Exercisable as of September 30, 2024			878,111						$	121.03					7.93						$	6,963
Vested and expected to vest as of September 30, 2024			1,829,324						$	90.08					8.71						$	12,800

Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and nine months ended September 30, 2024:

			Three Months Ended September 30,						Nine Months Ended September 30,
			2024						2024
Risk-free interest rate			4.06		%				4.01		%
Expected term (in years)			6.00						6.00
Expected volatility			101.00		%				96.48		%
Expected dividend yield			—		%				—		%
Weighted average grant-date fair value per share			$	45.95					$	40.73

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Research and development			$	4,640					$	2,035					$	12,298					$	6,176
General and administrative			7,792						3,728						20,487						12,955
Total stock-based compensation expense			$	12,432					$	5,763					$	32,785					$	19,131

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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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 for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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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