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Equity Incentive Plans and Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the period ended March 31, 2024 was as follows (in thousands, except 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, 2023 |  |  | 8,276,442 |  |  | $ | 10.07 |  |  |  | 8.3 |  |  | $ | 40,420 |
Granted |  |  | 169,500 |  |  | $ | 19.93 |  |  |  |  |  |  |
Exercised |  |  | (92,280 | ) |  | $ | 1.81 |  |  |  |  |  |  |
Cancelled |  |  | (6,163 | ) |  | $ | 13.64 |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 8,347,499 |  |  | $ | 10.36 |  |  |  | 8.1 |  |  | $ | 56,838 |
Exercisable at March 31, 2024 |  |  | 3,657,819 |  |  | $ | 8.60 |  |  |  | 7.4 |  |  | $ | 32,237 |
Vested and expected to vest as of March 31, 2024 |  |  | 8,347,499 |  |  | $ | 10.36 |  |  |  | 8.1 |  |  | $ | 56,838 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options was estimated using the following assumptions:
|  | Three Months Ended March 31, |
|  | 2024 |  | 2023 |
Risk-free rate of interest |  | 4.2% |  | 3.5 - 4.2% |
Expected term (years) |  | 6.0 - 6.1 |  | 6.0 - 6.1 |
Expected stock price volatility |  | 88.6% |  | 89.2 - 89.7 % |
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 March 31, |
|  | 2024 |  |  | 2023 |
Research and development expense |  | $ | 2,475 |  |  | $ | 1,460 |
General and administrative expense |  |  | 1,640 |  |  |  | 973 |
Total |  | $ | 4,115 |  |  | $ | 2,433 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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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