Equity Incentive Plan and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 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 months ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended March 31,
	2024		2023
Research and development expenses	$	1,198	$	989
General and administrative expenses		1,187		1,013
Total	$	2,385	$	2,002

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		931,475		$	3.00
Exercised		(28,930	)	$	7.78
Forfeited		(34,200	)	$	13.92
Vested and expected to vest at March 31, 2024		4,798,651		$	9.33		8.28	$	1,002
Exercisable as of March 31, 2024		2,072,581		$	9.51		7.41	$	778

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		458,246	$	3.00
Vested and released		—	$	—
Forfeited		—	$	—
Unvested at March 31, 2024		458,246	$	3.00