Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2025

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, 2024		8,873,071		$	12.81		7.2	$	361,595
Granted		1,329,425		$	52.74
Exercised		(103,884	)	$	8.68
Forfeited or cancelled		(103,548	)	$	42.87
Outstanding at March 31, 2025		9,995,064		$	17.85		7.3	$	131,168
Vested and expected to vest at March 31, 2025		9,995,064		$	17.85		7.3	$	131,168
Exercisable at March 31, 2025		6,233,188		$	11.61		6.4	$	98,765

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,
	2025	2024
Risk-free interest rate	4.0% – 4.4%	3.8% – 4.2%
Expected volatility	103% – 104%	83% – 86%
Expected term (in years)	6.1 – 10.0	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 March 31,
	2025		2024
Research and development	$	5,199	$	2,184
General and administrative		5,503		3,441
Total	$	10,702	$	5,625

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	March 31, 2025		December 31, 2024
Common stock options outstanding		9,995,064		8,873,071
RSUs outstanding		603,132		341,847
Shares available for issuance under the Plans		6,597,728		5,131,660
Shares available for issuance under the ESPP		2,096,962		1,506,316
Pre-funded common stock warrants outstanding		2,676,804		2,676,804
Total		21,969,690		18,529,698

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, 2024		341,847		$	59.09
Granted		301,080		$	51.95
Vested		—		$	—
Forfeited or cancelled		(39,795	)	$	48.72
Outstanding at March 31, 2025		603,132		$	56.21