Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of weighted-average assumptions for options issued

The following table sets forth the weighted average assumptions used in estimating the fair value of stock option awards on the grant date:

	Year Ended December 31,
	2023			2022
Expected volatility	84.0 - 85.8		%		77.2	%
Risk-free interest rate	3.73 - 3.93		%		2.44	%
Expected term (in years)	5.1 - 5.9				5.9
Expected dividend yield		—	%		—	%

Summary of Restricted Stock Unit and Award Activity

A summary of RSU activity during the periods indicated is as follows:

	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value per Share
Balance at December 31, 2022		665,500		$	15.64
Granted		1,311,671		$	5.43
Vested		(590,713	)	$	12.66
Forfeited		(110,347	)	$	8.27
Balance at December 31, 2023		1,276,111		$	7.16

A summary of RSA activity during the periods indicated is as follows:

	Number of Restricted Stock Awards			Weighted Average Grant-Date Fair Value per Share
Balance at December 31, 2022		67,389		$	6.14
Vested		(31,411	)	$	6.14
Forfeited		(2,392	)	$	6.12
Balance at December 31, 2023		33,586		$	6.15

Summary of Components of Equity-based Compensation Expense

The following table summarizes the components of stock-based compensation expense resulting from the grant of stock options, RSUs, RSAs, and the ESPP, recorded in the Company’s consolidated statement of operations and comprehensive loss (in thousands):

	Year Ended December 31,
	2023		2022
Research and development	$	6,407	$	6,237
General and administrative		12,601		9,545
Total stock-based compensation	$	19,008	$	15,782

Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options and Options for Common Units Activity

A summary of stock option activity during the periods indicated is as follows:

	Number of Stock Option Awards			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2022		3,788,586		$	13.40		8.81	$	—
Granted		3,159,210		$	4.93		9.33	$	125
Canceled		(307,985	)	$	13.04
Balance at December 31, 2023		6,639,811		$	6.37		8.48	$	13,377
Exercisable at December 31, 2023		2,581,713		$	11.81		7.87	$	279
Nonvested at December 31, 2023		4,058,098		$	2.92		8.87	$	13,098