Stockholders' Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 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		2,772,490		$	9.30
Exercised		(149,911	)	$	4.12
Forfeited and cancelled		(235,855	)	$	6.57
Outstanding at September 30, 2024		11,102,253		$	5.82		7.7	$	51,743
Exercisable at September 30, 2024		5,443,569		$	4.54		6.7	$	33,285

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Options to purchase common stock		11,102,253		8,619,552		11,102,253		8,619,552
Non-vested restricted stock units		726,035		485,828		726,035		485,828
Total		11,828,288		9,105,380		11,828,288		9,105,380

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:

	Nine Months Ended September 30,
	2024	2023
Risk-free interest rate	3.69% - 4.64%	3.45% - 4.28%
Expected volatility	85.41% - 86.31%	86.06% - 87.68%
Expected term (in years)	5.50 - 6.08	5.50 - 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	2,105	$	1,610	$	6,381	$	4,662
General and administrative		2,951		2,254		8,629		6,641
Total stock-based compensation expense	$	5,056	$	3,864	$	15,010	$	11,303

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2024:

	Number of Shares			Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2023		330,631		$	6.55
Granted		440,867		$	9.37
Vested		(17,366	)	$	5.27
Forfeited		(28,097	)	$	7.76
Outstanding at September 30, 2024		726,035		$	8.25