Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity under the Company's equity incentive plans for the nine months ended September 30, 2023:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
						(In years)		(In thousands)
Balance outstanding as of December 31, 2022		3,161,917		$	12.80		7.9	$	16,612
Granted		1,783,900			15.18
Exercised		(196,612	)		3.20
Cancelled and forfeited		(70,178	)		10.77
Balance outstanding as of September 30, 2023		4,679,027		$	14.14		8.0	$	19,912
Exercisable as of September 30, 2023		2,005,286		$	14.22		6.8	$	12,824

Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model

The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

	Nine Months Ended September 30,
	2023	2022
Expected term (years)	5.5-6.1	5.5-6.1
Expected volatility	91.6-99.2%	89.9-91.0%
Risk-free interest rate	3.4-4.6%	1.6-3.4%
Expected dividend	—	—

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity for the nine months ended September 30, 2023:

	Number of RSUs			Weighted Average Fair Value at Date of Grant per Unit
Balance outstanding as of December 31, 2022		1,095,738		$	5.77
Granted		379,075			15.02
Vested / released		(309,740	)		5.82
Cancelled / forfeited		(177,523	)	$	5.89
Balance outstanding as of September 30, 2023		987,550		$	9.28

Summary of Stock-Based Compensation

The Company recorded stock-based compensation for the periods indicated as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	1,938	$	1,019	$	5,136	$	2,917
General and administrative		2,443		1,481		6,933		4,681
Total stock-based compensation	$	4,381	$	2,500	$	12,069	$	7,598