Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of option activity under the 2020 Plan and 2023 Plan is as follows:

	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022	5,036,946	$	4.7872	9.5	$	5,488
Options granted	4,771,615	$	16.8645
Options exercised	(40,570)	0.7700
Options forfeited	(1,063,529)	10.9236
Outstanding at September 30, 2023	8,704,462	$	10.6860	8.9	$	26,543
Exercisable at September 30, 2023	1,347,153	$	4.3478	6.7	$	8,028
Vested and expected to vest at September 30, 2023	8,704,462	$	10.6860	8.9	$	26,543

Summary of Performance Share Activity

A summary of PSU activity based on the target number of shares is presented in the following table:

	Number of PSUs	Weighted-Average Grant Date Fair Value*
Outstanding at December 31, 2022	—	$	—
Granted	3,135,104	$	27.43
Vested	—	$	—
Forfeited	(146,612)	$	27.43
Outstanding at September 30, 2023	2,988,492	$	27.43

*The grant date fair value is based only on the PSUs with market conditions and does not factor in any performance conditions.

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

The Company uses the Black-Scholes valuation model and made the following assumptions to estimate fair value of each option at the grant date for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,	Three Months Ended September 30,	Nine Months Ended September 30,	Nine Months Ended September 30,
	2023	2022	2023	2022
Expected volatility	87.34% - 87.93%	99.91%	75.30% - 92.20%	99.99% - 102.81%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	5.95 – 6.04 years	6.08 years	5.77 - 6.08 years	5.90 - 6.08 years
Risk-free interest rate	4.14% - 4.61%	3.05%	3.30% - 4.61%	1.69% - 3.26%

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The following table presents the classification of stock-based compensation expense related to awards granted under its equity incentive plans (in thousands):

	Three Months ended September 30,				Nine Months ended September 30,
	2023		2022		2023		2022
General and administrative expenses	$	11,741	$	196	$	22,292	$	1,677
Research and development expenses	3,572		364		8,661		862
Total stock-based compensation expense	$	15,313	$	560	$	30,953	$	2,539

The stock-based compensation expense relates to the following equity-based awards:

	Three Months ended September 30,				Nine Months ended September 30,
	2023		2022		2023		2022
Restricted stock units	$	2,345	$	—	$	7,884	$	—
Performance-based restricted stock units	4,265		—		4,265		—
Stock options	8,577		560		18,661		1,234
ESPP	126		—		143		—
Restricted stock awards	—		—		—		1,305
Total stock-based compensation expense	$	15,313	$	560	$	30,953	$	2,539