Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense Recognized

Stock-based compensation expense is recognized in the condensed consolidated statements of operations as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Research and development	$	7,123	$	6,693	$	12,971	$	12,665
General and administrative		4,257		3,155		7,501		5,934
Total stock-based compensation expense	$	11,380	$	9,848	$	20,472	$	18,599

Schedule of Unrecognized Stock-Based Compensation Costs Related to Unvested Awards and Weighted-Average Period Over Which Costs are Expected to be Recognized

Unrecognized stock-based compensation costs related to unvested awards and the weighted-average period over which the costs are expected to be recognized as of June 30, 2024 are as follows:

	Stock Options		RSUs
Unrecognized stock-based compensation expense (in thousands)	$	71,116	$	26,991
Weighted-average period costs expected to be recognized (in years)		2.7		3.4

Summary of Stock Option Activity

A summary of the Company’s stock option activity is as follows:

	Stock Options (in thousands)			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023		26,849		$	6.60		8.0	$	11,235
Granted		6,848			9.13
Exercised		(1,662	)		4.38
Forfeited/Cancelled		(1,770	)		9.54
Outstanding as of June 30, 2024		30,265		$	7.12		8.0	$	22,708
Exercisable as of June 30, 2024		14,485		$	6.90		7.0	$	14,252

Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted

The fair value of stock options granted to employees, directors, and consultants was estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

	Six Months Ended June 30,
Assumptions	2024	2023
Risk free interest rate	3.8% – 4.7%	3.4% – 4.3%
Expected volatility	72.5%	70.0%
Expected term (years)	5.50 – 6.25	5.50 – 6.50
Expected dividend	0%	0%

Summary of Additional Information Related to Stock Option Activity

The following table summarizes additional information related to stock option activity:

	Six Months Ended June 30,
	2024		2023
Weighted average grant date fair value per share for options granted	$	6.19	$	2.60
Aggregate intrinsic value of stock options exercised (in thousands)	$	5,391	$	2,058

Summary of RSU Activity

A summary of the Company’s RSU activity is as follows:

	RSUs (in thousands)			RSUs Weighted-Average Grant Date Fair Value per Share
Unvested as of December 31, 2023		2,341		$	3.88
Granted		2,802			9.32
Vested		(440	)		4.54
Forfeited		(406	)		5.63
Unvested as of June 30, 2024		4,297		$	7.20