Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 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
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
Outstanding at December 31, 2023		7,989,192		$	12.08		7.8	$	16,733
Granted		2,359,363		$	15.07
Exercised		(1,152,192	)	$	12.30
Forfeited or cancelled		(323,292	)	$	13.10
Outstanding at December 31, 2024		8,873,071		$	12.81		7.2	$	361,595
Vested and expected to vest at December 31, 2024		8,873,071		$	12.81		7.2	$	361,595
Exercisable at December 31, 2024		5,401,003		$	11.21		6.6	$	228,619

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,
	2024		2023		2022
Risk-free interest rate	3.6% – 4.6%		3.5% – 4.7%		1.5% – 4.2%
Expected volatility	83% – 106%		82% – 87%		81% – 85%
Expected term (in years)	5.3 – 6.1		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,
	2024		2023		2022
Research and development	$	9,718	$	7,873	$	7,235
General and administrative		23,302		12,132		9,968
Total	$	33,020	$	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
Vested shares		(10,319	)	$	1.57		(20	)
Balance at December 31, 2024		—		$	—	$	—

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	December 31,
	2024		2023		2022
Common stock options outstanding		8,873,071		7,989,192		7,345,444
RSUs outstanding		341,847		—		—
Shares available for issuance under the Plans		5,131,660		5,198,941		4,012,001
Shares available for issuance under the ESPP		1,506,316		1,142,750		816,478
Pre-funded common stock warrants outstanding		2,676,804		503,226		—
Total		18,529,698		14,834,109		12,173,923

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		344,347		$	58.95
Vested		(2,500	)	$	39.80
Forfeited or cancelled		—		$	—
Outstanding at December 31, 2024		341,847		$	59.09