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Equity Incentive Plans and Stock-Based Compensation (Tables)

3 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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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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