Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023		7,989,192		$	12.08		7.8	$	16,733
Granted		2,091,166		$	11.13
Exercised		(186,282	)	$	8.89
Forfeited or cancelled		(43,300	)	$	20.21
Balance at March 31, 2024		9,850,776		$	11.90		8.0	$	253,756
Vested and expected to vest at March 31, 2024		9,850,776		$	11.90		8.0	$	253,756
Exercisable at March 31, 2024		5,603,980		$	10.46		7.2	$	152,363

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:

	Three Months Ended March 31,
	2024	2023
Risk-free interest rate	3.8% – 4.2%	3.5% – 4.2%
Expected volatility	83% – 86%	83%
Expected term (in years)	6.1	6.0
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):

	Three Months Ended March 31,
	2024		2023
Research and development	$	2,184	$	2,358
General and administrative		3,441		3,115
Total	$	5,625	$	5,473

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, 2023		10,319		$	1.57	$	20
Vested shares		(4,548	)	$	0.91		(5	)
Balance at March 31, 2024		5,771		$	2.09	$	15

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	March 31, 2024		December 31, 2023
Common stock options outstanding		9,850,776		7,989,192
Shares available for issuance under the Plans		5,464,212		5,198,941
Shares available for issuance under the ESPP		1,605,377		1,142,750
Pre-funded common stock warrants outstanding		2,438,709		503,226
Total		19,359,074		14,834,109