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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Fair Values and Valuation Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted:

		Three Months Ended March 31,				Three Months Ended March 31,
		2024				2023
Expected term (in years)			5.8				5.8
Expected volatility			62.8	%			69.3	%
Risk-free interest rate			4.0	%			3.5	%
Expected dividend yield			—	%			—	%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2023:

		Number of Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term				Aggregate Intrinsic Value
										(in years)				(in thousands)
Outstanding at December 31, 2023			23,065,514			$	5.08				8.7			$	24,745
Granted			3,647,000			$	4.22
Exercised			—			$	—
Forfeited			(348,481	)		$	6.05
Outstanding at March 31, 2024			26,364,033			$	4.95				8.4			$	33,249
Vested and expected to vest at March 31, 2024			26,364,033			$	4.95				8.4			$	33,249
Options exercisable at March 31, 2024			9,143,369			$	6.79				7.4			$	9,256

Summary of Share Based Compensation Expense Recognized

The Company recorded stock-based compensation expense (service-based stock options and employee stock purchase plan) in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

		Three Months Ended March 31,				Three Months Ended March 31,
		2024				2023
Research and development		$	1,677			$	2,263
Selling, general and administrative			3,702				3,137
		$	5,379			$	5,400

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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)
-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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