Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Assumptions of Grant Date Fair Value of Stock Options Granted

The assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted were as follows:

	December 31,
	2023	2022
Risk-free interest rate range	3.40% - 4.84%	2.69% - 4.15%
Dividend yield	0.00%	0.00%
Expected life of options (years)	5.8 - 6.1	5.8 - 6.1
Volatility rate range	81.63% - 83.55%	71.06% - 82.54%
Fair value of common stock range	$3.89 - $20.50	$3.63 - $12.50

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity:

	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022		3,300,935		$	6.29		9.26	$	18,346
Granted		297,556			10.43
Exercised		(292,444	)		2.65
Forfeited or canceled		(189,005	)		6.12
Outstanding as of December 31, 2023		3,117,042		$	7.04		8.34	$	3,409
Vested and expected to vest as of December 31, 2023		3,117,042		$	7.04		8.34	$	3,409
Vested and exercisable as of December 31, 2023		1,313,352		$	5.08		7.86	$	2,342

Summary of RSU activity

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

	Restricted Stock Units			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022		1,787,152		$	12.49
Granted		563,060		$	11.20
Vested		(566,260	)	$	12.52
Forfeited		(24,034	)	$	10.86
Unvested at December 31, 2023		1,759,918		$	12.09

Summary of Share-based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Year Ended December 31,
	2023		2022
General and administrative	$	9,089	$	1,396
Research and development		2,529		789
Total stock-based compensation expense	$	11,618	$	2,185