Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development expenses	$	2,132	$	1,601	$	5,759	$	4,317
General and administrative expenses	2,728		1,795		7,456		4,953
Total	$	4,860	$	3,396	$	13,215	$	9,270

Schedule of Assumptions Using 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 during the nine months ended September 30, 2024 and 2023:

	September 30, 2024		September 30, 2023
Risk‑free interest rate	4.15	%	4.09	%
Expected volatility	75	%	72	%
Expected dividend yield	—		—
Expected term (in years)	6.00		6.02

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the nine months ended September 30, 2024:

	Number of Shares	Weighted‑ Average Exercise Price
Outstanding as of December 31, 2023	5,414,360	$	11.42
Granted	679,625	14.12
Exercised	(260,271)	6.50
Forfeited	(331,629)	14.32
Outstanding as of September 30, 2024	5,502,085	$	11.81
Exercisable as of September 30, 2024(1)	3,602,710	$	10.55

(1)This represents the number of vested and unvested options exercisable as of September 30, 2024.

Summary of Unvested Restricted Stock

A summary of restricted stock activity during the nine months ended September 30, 2024 is as follows:

	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2023	1,268,461	$	13.83
Granted	1,206,985	$	14.09
Vested	(305,470)	$	13.54
Forfeited	(155,368)	$	14.06
Unvested as of September 30, 2024	2,014,608	$	14.01