XML 27 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
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
Options

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic Value

 

Outstanding at December 31, 2023

 

 

7,989,192

 

 

$

12.08

 

 

 

7.8

 

 

$

16,733

 

Granted

 

 

2,176,966

 

 

$

12.49

 

 

 

 

 

 

 

Exercised

 

 

(441,368

)

 

$

9.98

 

 

 

 

 

 

 

Forfeited or cancelled

 

 

(69,326

)

 

$

17.00

 

 

 

 

 

 

 

Outstanding at June 30, 2024

 

 

9,655,464

 

 

$

12.23

 

 

 

7.8

 

 

$

286,883

 

Vested and expected to vest at June 30, 2024

 

 

9,655,464

 

 

$

12.23

 

 

 

7.8

 

 

$

286,883

 

Exercisable at June 30, 2024

 

 

5,637,906

 

 

$

10.78

 

 

 

7.0

 

 

$

175,375

 

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:

 

 

 

Six Months Ended June 30,

 

 

2024

 

2023

Risk-free interest rate

 

3.8% – 4.6%

 

3.5% – 4.2%

Expected volatility

 

83% – 91%

 

83% – 87%

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 condensed statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended
 June 30,

 

 

Six Months Ended
 June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

2,324

 

 

$

2,449

 

 

$

4,508

 

 

$

4,807

 

General and administrative

 

 

3,433

 

 

 

3,052

 

 

 

6,874

 

 

 

6,167

 

Total

 

$

5,757

 

 

$

5,501

 

 

$

11,382

 

 

$

10,974

 

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

 

 

(8,036

)

 

$

1.01

 

 

 

(10

)

Balance at June 30, 2024

 

 

2,283

 

 

$

3.53

 

 

$

10

 

 

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

 

 

 

June 30,
2024

 

 

December 31,
2023

 

Common stock options outstanding

 

 

9,655,464

 

 

 

7,989,192

 

RSUs outstanding

 

 

17,500

 

 

 

—

 

Shares available for issuance under the Plans

 

 

5,386,938

 

 

 

5,198,941

 

Shares available for issuance under the ESPP

 

 

1,542,307

 

 

 

1,142,750

 

Pre-funded common stock warrants outstanding

 

 

2,438,709

 

 

 

503,226

 

Total

 

 

19,040,918

 

 

 

14,834,109

 

Two Thousand Twenty One Equity Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Unit ("RSU") Activity

A summary of the Company’s restricted stock unit (“RSU”) activity under the 2021 Plan is as follows:

 

 

 

Number of
Restricted Stock Units

 

 

Weighted-
Average Grant Date Fair Value per Share

 

Outstanding at December 31, 2023

 

 

—

 

 

$

—

 

Granted

 

 

17,500

 

 

$

39.80

 

Vested

 

 

—

 

 

$

—

 

Forfeited or cancelled

 

 

—

 

 

$

—

 

Outstanding at June 30, 2024

 

 

17,500

 

 

$

39.80