Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Stock-based Compensation Expense Recognized

During the three and nine months ended September 30, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Stock-based compensation expense by type of award:
Stock options	$	3,467	$	1,320	$	8,148	$	4,311
Restricted stock and restricted stock units		5,440		2,699		14,879		7,251
Employee stock purchase plan		75		462		1,018		1,108
Total stock-based compensation expense included    in expenses	$	8,982	$	4,481	$	24,045	$	12,670
Stock-based compensation expense by line item:
Research and development expenses	$	3,016	$	1,145	$	7,062	$	3,571
General and administrative expenses		5,966		3,336		16,983		9,099
Total stock-based compensation expense included    in expenses	$	8,982	$	4,481	$	24,045	$	12,670

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 September 30, 2024
	Unrecognized Expense, Net of Estimated Forfeitures		Weighted- average Recognition Period (in years)
Type of award:
Stock options	$	20,272		2.72
Restricted stock and restricted stock units	$	16,195		1.69

Summary of Stock Option Activity

The following table summarizes stock option activity during the nine months ended September 30, 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		1,197,200		$	22.39
Exercised		(1,568,990	)	$	6.00
Forfeited		(12,250	)	$	9.93
Cancelled		—		$	—
Options outstanding at September 30, 2024		4,864,642		$	10.87		7.51		255,374,000
Options exercisable at September 30, 2024		1,983,233		$	7.64		6.18		110,485,000

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

the fair value of each employee option grant during the nine months ended September 30, 2024 was estimated on the date of grant using the Black-Scholes model with the following weighted average assumptions:

	Nine Months Ended September 30, 2024
Expected volatility		82.86	%
Expected term (in years)		6.10
Risk-free interest rate		3.86	%
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 nine months ended September 30, 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 September 30, 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 nine months ended September 30, 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		(1,551,003	)	$	8.68
Forfeited		—		$	—
Cancelled		(77,834	)	$	7.77
Unvested at September 30, 2024		2,537,352		$	11.68