Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Stock Options Outstanding			Weighted-Average Exercise Price
Outstanding - January 1, 2024		5,817,339		$	11.90
Options granted		2,089,517			14.86
Options exercised and vested		(151,116	)		2.59
Options cancelled and forfeited		—			—
Outstanding - March 31, 2024		7,755,740		$	12.88

Summary of Stock-Based Compensation Expense

The allocation of stock-based compensation expense was as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Research and development	$	2,229	$	492
General and administrative		2,286		1,770
Total stock-based compensation expense	$	4,515	$	2,262

Summary of Stock-Based Compensation Fair Value Assumptions

The assumptions used in the Black-Scholes model to determine the fair value of stock option grants and stock purchase rights under the ESPP were as follows:

	Three Months Ended March 31,
Stock Options	2024	2023
Expected term (years)	5.7 - 6.1	5.8
Expected volatility	84%	83%
Risk-free interest rate	4.0% - 4.3%	4.1%
Expected dividend yield	—%	—%

	Three Months Ended March 31,
ESPP	2024	2023
Expected term (years)	N/A	N/A
Expected volatility	N/A	N/A
Risk-free interest rate	N/A	N/A
Expected dividend yield	N/A	N/A

Restricted Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Award and Restricted Stock Units Activity

Restricted stock units ("RSUs") are valued at the market price of a share of the Company’s common stock on the date of grant. The following table summarizes RSU activity:

	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested - January 1, 2024		78,505		$	14.28
Granted		20,000			14.85
Vested		(2,688	)		17.56
Forfeited		—			—
Unvested - March 31, 2024		95,817		$	14.31