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Stock-Based Compensation (Tables)
 3 Months Ended
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