Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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:

	Three Months Ended March 31,
	2024	2023
Risk-free interest rate range	3.93% - 4.33%	3.40% - 4.28%
Dividend yield	0.00%	0.00%
Expected life of options (years)	5.8 - 6.1	6.1
Volatility rate range	81.99% - 82.31%	83.05% - 83.55%
Fair value of common stock range	$3.54 - $6.19	$13.02 - $20.50

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, 2023		3,117,042		$	7.04		8.34	$	3,409
Granted		1,241,583			5.55
Exercised		(20,277	)		3.88
Forfeited or canceled		(64,875	)		4.76
Outstanding as of March 31, 2024		4,273,473		$	6.65		8.65	$	9,431
Vested and expected to vest as of March 31, 2024		4,273,473		$	6.65		8.65	$	9,431
Vested and exercisable as of March 31, 2024		1,464,984		$	5.42		7.79	$	4,910

Summary of RSU activity

A summary of the RSU activity during the three months ended March 31, 2024 is as follows:

	Restricted Stock Units			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		1,759,918		$	12.09
Vested		(143,010	)		12.55
Unvested at March 31, 2024		1,616,908		$	12.05

Summary of Share-based Compensation Expense

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

	Three Months Ended March 31,
	2024		2023
General and administrative	$	2,666	$	2,020
Research and development		678		626
Total stock-based compensation expense	$	3,344	$	2,646