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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Stock-based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Research and development |  | $ | 3,806 |  |  | $ | 2,135 |
General and administrative |  |  | 2,913 |  |  |  | 2,084 |
Total |  | $ | 6,719 |  |  | $ | 4,219 |
Schedule of Stock Option Activity | The following table summarizes the stock option activity for the three months ended March 31, 2024:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  |  |
Options outstanding as of December 31, 2023 |  |  | 16,734,960 |  |  | $ | 6.21 |  |  |  | 7.83 |  |  | $ | 62,640,906 |
Granted |  |  | 4,288,631 |  |  | $ | 12.12 |  |  |  |  |  |  |
Exercised |  |  | (333,511 | ) |  | $ | 3.81 |  |  |  |  |  |  |
Cancelled |  |  | (100,855 | ) |  | $ | 7.14 |  |  |  |  |  |  |
Options outstanding as of March 31, 2024 |  |  | 20,589,225 |  |  | $ | 7.47 |  |  |  | 8.00 |  |  | $ | 37,007,114 |
Options exercisable as of March 31, 2024 |  |  | 9,348,930 |  |  | $ | 5.95 |  |  |  | 7.04 |  |  | $ | 24,344,914 |
Summary of Restricted Stock Unit Activity | The following table summarizes the RSU activity for the three months ended March 31, 2024:
|  | Number of Stock Units |  |  | Weighted Average Grant Date Fair Value Per Share |
Unvested and outstanding as of December 31, 2023 |  |  | 757,514 |  |  | $ | 5.25 |
Granted |  |  | 709,718 |  |  |  | 12.14 |
Vested |  |  | (197,925 | ) |  |  | 5.18 |
Forfeited |  |  | (14,851 | ) |  |  | 6.24 |
Unvested and outstanding as of March 31, 2024 |  |  | 1,254,456 |  |  | $ | 9.15 |

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