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Equity Incentive Plan and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Total Stock-Based Compensation

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive loss during the three and nine months ended September 30, 2024 and 2023 (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Research and development expenses		$	796			$	1,045			$	3,164			$	3,113
General and administrative expenses			1,106				1,124				3,394				3,067
Total		$	1,902			$	2,169			$	6,558			$	6,180

Summary of Stock Option Activity

A summary of the stock option activity is as follows:

		Total Options Outstanding				Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023			3,930,306			$	10.86				8.14			$	37,853
Granted			1,471,199			$	2.63
Exercised			(28,930	)		$	7.78
Forfeited			(524,026	)		$	8.78
Vested and expected to vest at September 30, 2024			4,848,549			$	8.61				6.54			$	176
Exercisable as of September 30, 2024			2,773,130			$	9.36				5.45			$	176

Summary of RSU Activity

A summary of the RSU activity is as follows:
 

		Number of Units				Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023			—			$	—
Issued			698,096			$	2.73
Vested and released			(27,508	)		$	2.98
Forfeited			(199,779	)		$	2.62
Unvested at September 30, 2024			470,809			$	2.76

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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.

+ References

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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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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