Stockholders' Equity (Tables)

9 Months Ended

Sep. 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		2,325,838		$	14.56
Exercised		(613,132	)	$	9.87
Forfeited or cancelled		(111,848	)	$	15.36
Outstanding at September 30, 2024		9,590,050		$	12.78		7.6	$	313,486
Vested and expected to vest at September 30, 2024		9,511,862		$	12.79		7.6	$	310,843
Exercisable at September 30, 2024		5,720,842		$	11.23		6.8	$	195,641

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:

	Nine Months Ended September 30,
	2024	2023
Risk-free interest rate	3.7% – 4.6%	3.5% – 4.2%
Expected volatility	83% – 106%	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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	2,374	$	1,572	$	6,882	$	6,379
General and administrative		13,013		2,976		19,887		9,143
Total	$	15,387	$	4,548	$	26,769	$	15,522

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		(8,796	)	$	1.23		(13	)
Balance at September 30, 2024		1,523		$	3.53	$	7

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	September 30, 2024		December 31, 2023
Common stock options outstanding		9,590,050		7,989,192
RSUs outstanding		80,562		—
Shares available for issuance under the Plans		5,215,026		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		18,866,654		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		83,062		$	43.70
Vested		(2,500	)	$	39.80
Forfeited or cancelled		—		$	—
Outstanding at September 30, 2024		80,562		$	43.82