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Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense

Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss for the three and the six months ended June 30, 2024 and 2023 was as follows (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Research and development		$	334			$	157			$	613			$	246
General and administrative			633				244				1,219				504
Total stock-based compensation expense		$	967			$	401			$	1,832			$	750

Summary of Stock Option Weighted-Average Assumptions

The fair value of stock options granted during the six months ended June 30, 2024 and 2023 was calculated on the date of grant using the following weighted-average assumptions:

		Six Months Ended June 30,
		2024				2023
Risk-free interest rate			4.3	%			3.6	%
Expected dividend yield			—	%			—	%
Expected term (in years)			6.0				6.0
Expected volatility			74.6	%			69.5	%

Summary of Stock Option Activity

The following table summarizes changes in stock option activity during the six months ended June 30, 2024 (in thousands, except per share amounts):

		Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
Outstanding at December 31, 2023			1,323,151			$	23.49				8.4			$	36,310
Granted			122,766			$	47.45
Exercised			(14,138	)		$	21.95
Forfeited			(82,457	)		$	17.85
Cancelled			(50,914	)		$	119.02
Outstanding as of June 30, 2024			1,298,408			$	22.38				8.4			$	20,214
Exercisable at June 30, 2024			483,542			$	23.38				7.0			$	8,491

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Tabular disclosure of share-based payment arrangement.

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-Name Accounting Standards Codification
-Section 50
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-SubTopic 10
-Topic 718
-Publisher FASB
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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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