Equity Incentive Plans and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the period ended September 30, 2024 was as follows (in thousands, except share and per share data and years):

	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2023		8,276,442		$	10.07		8.3	$	40,420
Granted		2,926,848		$	20.62
Exercised		(434,818	)	$	3.05
Cancelled		(17,389	)	$	8.26
Outstanding at September 30, 2024		10,751,083		$	13.23		8.3	$	110,998
Exercisable at September 30, 2024		4,510,940		$	9.70		7.3	$	62,669
Vested and expected to vest as of September 30, 2024		10,751,083		$	13.23		8.3	$	110,998

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options was estimated using the following assumptions:

	Nine Months Ended September 30,
	2024	2023
Risk-free rate of interest	3.5 - 4.6%	3.5 - 4.3%
Expected term (years)	5.3 - 6.1	5.2 - 6.1
Expected stock price volatility	87.8 - 98.7%	87.0 - 92.3 %
Dividend yield	—	—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development expense	$	5,329	$	2,811	$	10,462	$	5,749
General and administrative expense		2,244		1,566		5,637		3,590
Total	$	7,573	$	4,377	$	16,099	$	9,339