Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The Company recognized stock-based compensation expense in the consolidated statements of operations and comprehensive loss, by award type, as follows (in thousands):

	Year ended December 31,
	2023		2022
Stock Options	$	9,887	$	8,648
Restricted Stock Units	3,015		1,106
ESPP	209		141
Total	$	13,111	$	9,895

Stock-based compensation expense recorded as research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Year ended December 31,
	2023		2022
Research and development expenses	$	6,169	$	4,166
General and administrative expenses	6,942		5,729
Total	$	13,111	$	9,895

Schedule of Assumptions Used in the Black-Scholes Option-Pricing Model

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted for the years then ended:

	December 31, 2023	December 31, 2022
Risk‑free interest rate	4.09%	2.20%
Expected volatility	72%	71%
Expected dividend yield	—	—
Expected term (in years)	6.01	6.04

Schedule of the Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2022:

	Number of Shares	Weighted‑Average Exercise Price		Weighted‑Average Remaining Contractual Term	Aggregate Intrinsic Value(2)
				(in years)	(in thousands)
Outstanding as of December 31, 2022	5,028,850	$	10.95
Granted	799,144	13.85
Exercised	(214,078)	5.54
Forfeited	(199,556)	15.63
Outstanding as of December 31, 2023	5,414,360	$	11.42	7.78	$	25,569
Exercisable as of December 31, 2023(1)	3,297,593	$	9.49	7.26	$	21,529

(1)This represents the number of vested and unvested options exercisable as of December 31, 2023.

(2)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the closing price of the Company's common stock at December 31, 2023 for the options that were in the money as of December 31, 2023.

Schedule of Unvested Restricted Stock

A summary of restricted stock activity during the year ended December 31, 2023 is as follows:

	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2022	463,964	$	12.26
Issued	990,167	14.29
Vested	(138,361)	12.30
Forfeited	(47,309)	12.51
Unvested as of December 31, 2023	1,268,461	$	13.83