Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity under its Plans is as follows (in thousands, except share, per share data and years):

	Number of Outstanding Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance at December 31, 2022		7,345,444		$	11.67		8.3	$	29,806
Granted		2,019,450		$	13.80
Exercised		(253,545	)	$	8.86
Forfeited or cancelled		(1,122,157	)	$	13.25
Balance at December 31, 2023		7,989,192		$	12.08		7.8	$	16,733
Vested and expected to vest at December 31, 2023		7,989,192		$	12.08		7.8	$	16,733
Exercisable at December 31, 2023		5,226,145		$	9.89		7.3	$	16,596

Summary of Fair Value of Stock Option Grants

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants under the Plans were as follows:

	Year Ended December 31,
	2023		2022
Risk-free interest rate	3.5% – 4.7%		1.5% – 4.2%
Expected volatility	82% – 87%		81% – 85%
Expected term (in years)	5.3 – 6.1		5.3 – 6.1
Expected dividend yield		—		—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense has been reported in the statements of operations and comprehensive loss as follows (in thousands):

	Year Ended December 31,
	2023		2022
Research and development	$	7,873	$	7,235
General and administrative		12,132		9,968
Total	$	20,005	$	17,203

Summary of Unvested Shares and Unvested Stock Liabilities

A summary of the Company’s unvested shares and unvested stock liabilities is as follows (in thousands, except share data):

	Number of Unvested Shares			Weighted-Average Grant Date Fair Value		Unvested Stock Liabilities
Balance at December 31, 2022		68,406		$	1.94	$	169
Vested shares		(58,087	)	$	2.00		(149	)
Balance at December 31, 2023		10,319		$	1.57	$	20

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	December 31,
	2023		2022
Common stock options outstanding		7,989,192		7,345,444
Shares available for issuance under the Plans		5,198,941		4,012,001
Shares available for issuance under the ESPP		1,142,750		816,478
Pre-funded common stock warrants		503,226		—
Total		14,834,109		12,173,923