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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Options Activity | Stock option activity under the 2020 Plan and the 2022 Plan, is as follows:
|  | Stock Options |  |  | Weighted-Average Exercise Price |
Outstanding as of December 31, 2023 |  |  | 4,233,203 |  |  | $ | 10.83 |
Granted |  |  | 1,474,417 |  |  | $ | 15.68 |
Exercised |  |  | (164,548 | ) |  | $ | 10.93 |
Canceled/Forfeited |  |  | (264,097 | ) |  | $ | 12.98 |
Outstanding as of June 30, 2024 |  |  | 5,278,975 |  |  | $ | 12.07 |
Summary of Restricted Stock Units | A summary of the Company’s RSU and PSU activity and related information for the six months ended June 30, 2024 is as follows:
|  | Time-based RSUs |  |  | PSUs |  |  | Weighted-Average Grant Date Fair Value |
Outstanding as of December 31, 2023 |  |  | — |  |  |  | — |  |  | $ | — |
Granted |  |  | 77,645 |  |  |  | 28,555 |  |  |  | 10.64 |
Vested |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (2,460 | ) |  |  | — |  |  |  | 10.64 |
Issued and unvested as of June 30, 2024 |  |  | 75,185 |  |  |  | 28,555 |  |  | $ | 10.64 |
Summary of Stock-based Compensation Expense | Stock-based compensation expense associated with stock options, RSUs, PSUs, and the Company’s ESPP included in the accompanying condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,269 |  |  | $ | 782 |  |  | $ | 2,014 |  |  | $ | 1,382 |
General and administrative |  |  | 1,593 |  |  |  | 1,055 |  |  |  | 2,870 |  |  |  | 1,803 |
Total stock-based compensation expense |  | $ | 2,862 |  |  | $ | 1,837 |  |  | $ | 4,884 |  |  | $ | 3,185 |

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