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