Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Stock-based Compensation Expense Recognized

During the three months ended March 31, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands):

	For the Three Months Ended March 31,
	2024		2023
Stock-based compensation expense by type of award:
Stock options	$	2,429	$	1,367
Restricted stock and restricted stock units		5,056		2,080
Employee stock purchase plan		496		122
Total stock-based compensation expense included    in expenses	$	7,981	$	3,569
Stock-based compensation expense by line item:
Research and development expenses	$	2,153	$	928
General and administrative expenses		5,828		2,641
Total stock-based compensation expense included    in expenses	$	7,981	$	3,569

Schedule of Unrecognized Stock-based Compensation Expense by Type of Award and Weighted-average Recognition Period

The following table sets forth the Company’s unrecognized stock-based compensation expense by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years):

	As of March 31, 2024
	Unrecognized Expense, Net of Estimated Forfeitures		Weighted- average Recognition Period (in years)
Type of award:
Stock options	$	21,429		3.00
Restricted stock and restricted stock units	$	26,018		1.89

Summary of Stock Option Activity

The following table summarizes stock option activity during the three months ended March 31, 2024:

	Shares Subject to Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Options outstanding at December 31, 2023		5,248,682		$	6.79		7.10		62,210,000
Granted		1,089,200		$	18.42
Exercised		(821,689	)	$	5.31
Forfeited		—		$	—
Cancelled		—		$	—
Options outstanding at March 31, 2024		5,516,193		$	9.31		7.72		400,998,000
Options exercisable at March 31, 2024		2,634,610		$	6.75		6.46		198,264,000

Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model

the fair value of each employee option grant during the three months ended March 31, 2024 was estimated on the date of grant using the Black-Scholes model with the following weighted average assumptions:

	Three Months Ended March 31, 2024
Expected volatility		82.9	%
Expected term (in years)		6.13
Risk-free interest rate		3.88	%
Expected dividend yield	0		%

Restricted stock [Member]

Summary of Shares Granted and Stock Activity

The following table is a summary of restricted stock activity during the three months ended March 31, 2024:

	Shares of Restricted Stock		Weighted- Average Grant Date Fair Value
Unvested at December 31, 2023		183,095	$	0.17
Granted		—	$	—
Vested		—	$	—
Forfeited		—	$	—
Repurchased		—	$	—
Unvested at March 31, 2024		183,095	$	0.17

Restricted stock units [Member]

Summary of Shares Granted and Stock Activity

The following table summarizes restricted stock unit activity during the three months ended March 31, 2024:

	Shares Subject to Restricted Stock Units			Weighted- Average Grant Date Value
Unvested at December 31, 2023		2,855,656		$	7.32
Granted		1,310,533		$	17.40
Vested		(1,259,168	)	$	7.27
Forfeited		—		$	—
Cancelled		(77,834	)	$	7.77
Unvested at March 31, 2024		2,829,187		$	12.00