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Equity Incentive Plans and Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Summary of Stock Option Activity

A summary of the Company’s stock option activity for the period ended September 30, 2023 is as follows (in thousands, expect share and per share data and years):

 

 

 

Options

 

 

Weighted-Average
Exercise
Price per Share

 

 

Weighted-Average
Remaining
Contractual Term

 

 

Aggregate
Intrinsic Value

 

Outstanding at December 31, 2022

 

 

5,890,869

 

 

$

7.91

 

 

 

8.8

 

 

$

13,492

 

Granted

 

 

2,883,689

 

 

$

13.32

 

 

 

 

 

 

 

Exercised

 

 

(364,547

)

 

$

2.25

 

 

 

 

 

 

 

Cancelled

 

 

(299,441

)

 

$

10.29

 

 

 

 

 

 

 

Outstanding at September 30, 2023

 

 

8,110,570

 

 

$

10.00

 

 

 

8.5

 

 

$

39,978

 

Exercisable at September 30, 2023

 

 

2,721,726

 

 

$

8.07

 

 

 

7.6

 

 

$

19,786

 

Vested and expected to vest as of September 30, 2023

 

 

8,110,570

 

 

$

10.00

 

 

 

8.5

 

 

$

39,978

 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The fair value of stock options was estimated using the following assumptions (excluding option modifications):

 

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

2022

 

Risk-free rate of interest

 

3.5 - 4.3%

 

1.6 - 3.6%

 

Expected term (years)

 

5.2 - 6.1

 

5.1 - 6.1

 

Expected stock price volatility

 

87.0 - 92.3%

 

82.3 - 90.4 %

 

Dividend yield

 

—

 

—

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development expense

 

$

2,811

 

 

$

651

 

 

$

5,749

 

 

$

3,732

 

General and administrative expense

 

 

1,566

 

 

 

368

 

 

 

3,590

 

 

 

3,947

 

Total

 

$

4,377

 

 

$

1,019

 

 

$

9,339

 

 

$

7,679

 
Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:

 

 

 

September 30,
2023

 

 

December 31,
2022

 

Common stock options granted and outstanding

 

 

8,110,570

 

 

 

5,890,869

 

Shares available for future issuance under the 2021
   Incentive Award Plan

 

 

3,886,847

 

 

 

4,339,373

 

Shares available for future issuance under the
   2021 Employee Stock Purchase Plan

 

 

1,129,399

 

 

 

759,442

 

Total common stock reserved for future issuance

 

 

13,126,816

 

 

 

10,989,684