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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Option, Activity
The following table summarizes the Company’s stock option activity for the six months ended June 30, 2023:
Number of SharesWeighted-Average Exercise Price
Outstanding at December 31, 20223,954,265 $6.43 
Granted3,504,319 12.76 
Exercised(60,702)3.87 
Cancelled or forfeited(193,234)8.36 
Outstanding at June 30, 20237,204,648 $9.48 
Options vested and exercisable at June 30, 20231,528,964 $5.64 
Options vested and expected to vest at June 30, 20237,204,648 $9.48 
The following table summarizes the Company’s performance-based stock option activity for the six months ended June 30, 2023:
Number of SharesWeighted-Average
Grant Date Fair
Value
Outstanding at December 31, 2022411,730 $6.65 
Granted— — 
Exercised— — 
Cancelled or forfeited— — 
Outstanding at June 30, 2023411,730 $6.65 
Vested and exercisable at June 30, 2023121,160 $5.11 
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The following table summarizes the Company’s time-based restricted common stock activity for the six months ended June 30, 2023:
Number of SharesWeighted-Average Grant-Date Fair Value
Outstanding at December 31, 20225,015,034 $0.10 
Issued— — 
Vested(2,706,997)0.08 
Repurchased— — 
Outstanding at June 30, 20232,308,037 $0.12 
The following table summarizes the Company’s performance-based restricted common stock activity for the six months ended June 30, 2023:
Number of SharesWeighted-Average Grant-Date Fair Value
Outstanding at December 31, 20223,832,769 $0.07 
Issued— — 
Vested— — 
Repurchased— — 
Outstanding at June 30, 20233,832,769 $0.07 
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The following table below summarizes the classification of the Company’s stock-based compensation expense related to stock options and restricted common stock awards in the condensed consolidated statements of operations and comprehensive loss:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Stock-based compensation expense:
Research and development$2,164 $889 $3,334 $1,647 
General and administrative1,419 456 1,930 821 
Total stock-based compensation expense$3,583 $1,345 $5,264 $2,468