Stockholders' Equity and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2024:

	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		8,715,529		$	4.70
Granted		2,274,990		$	9.20
Exercised		(51,540	)	$	3.86
Forfeited and cancelled		(123,025	)	$	6.21
Outstanding at March 31, 2024		10,815,954		$	5.63		8.1	$	89,201
Exercisable at March 31, 2024		4,521,533		$	4.42		6.9	$	43,542

Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:

	Three Months Ended March 31,
	2024		2023
Options to purchase common stock		10,815,954		8,474,399
Non-vested restricted stock units		695,246		485,942
Total		11,511,200		8,960,341

Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions

The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions:

	Three Months Ended March 31,
	2024	2023
Risk-free interest rate	3.82% - 4.19%	3.45%
Expected volatility	85.97% - 86.31%	87.68%
Expected term (in years)	6.08	6.08
Expected dividend yield	0%	0%

Summary of Total Stock-based Compensation Expense

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands):

	Three Months Ended March 31,
	2024		2023
Research and development	$	2,145	$	1,475
General and administrative		2,813		2,139
Total stock-based compensation expense	$	4,958	$	3,614

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity for the three months ended March 31, 2024:

	Number of Shares			Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2023		330,631		$	6.55
Granted		379,267		$	9.20
Vested		(3,245	)	$	7.01
Forfeited		(11,407	)	$	8.27
Outstanding at March 31, 2024		695,246		$	7.97