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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Research and development expenses | $ | 2,132 |  | $ | 1,601 |  | $ | 5,759 |  | $ | 4,317
General and administrative expenses | 2,728 |  | 1,795 |  | 7,456 |  | 4,953
Total | $ | 4,860 |  | $ | 3,396 |  | $ | 13,215 |  | $ | 9,270
Schedule of Assumptions Using the Black-Scholes Option-Pricing Model | The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the nine months ended September 30, 2024 and 2023:
| September 30, 2024 |  | September 30, 2023
Risk‑free interest rate | 4.15 | % |  | 4.09 | %
Expected volatility | 75 | % |  | 72 | %
Expected dividend yield | — |  |  | — |
Expected term (in years) | 6.00 |  | 6.02
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity during the nine months ended September 30, 2024:
| Number of Shares |  | Weighted‑ Average Exercise Price
Outstanding as of December 31, 2023 | 5,414,360 |  | $ | 11.42
Granted | 679,625 |  | 14.12
Exercised | (260,271) |  |  | 6.50
Forfeited | (331,629) |  |  | 14.32
Outstanding as of September 30, 2024 | 5,502,085 |  | $ | 11.81
Exercisable as of September 30, 2024(1) | 3,602,710 |  | $ | 10.55
(1)This represents the number of vested and unvested options exercisable as of September 30, 2024.
Summary of Unvested Restricted Stock | A summary of restricted stock activity during the nine months ended September 30, 2024 is as follows:
| Shares |  | Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2023 | 1,268,461 |  | $ | 13.83
Granted | 1,206,985 |  | $ | 14.09
Vested | (305,470) |  | $ | 13.54
Forfeited | (155,368) |  | $ | 14.06
Unvested as of September 30, 2024 | 2,014,608 |  | $ | 14.01

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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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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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