Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 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 the 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		1,633,261		$	47.69
Exercised		(140,533	)	$	7.66
Forfeited or cancelled		(155,795	)	$	41.60
Outstanding at June 30, 2025		10,210,004		$	18.02		7.1	$	98,677
Vested and expected to vest at June 30, 2025		10,210,004		$	18.02		7.1	$	98,677
Exercisable at June 30, 2025		6,535,340		$	11.96		6.2	$	77,974

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,
	2025	2024
Risk-free interest rate	3.9% – 4.4%	3.8% – 4.6%
Expected volatility	101% – 104%	83% – 91%
Expected term (in years)	5.3 – 10.0	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,
	2025		2024		2025		2024
Research and development	$	5,489	$	2,324	$	10,688	$	4,508
General and administrative		5,471		3,433		10,974		6,874
Total	$	10,960	$	5,757	$	21,662	$	11,382

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	June 30, 2025		December 31, 2024
Common stock options outstanding		10,210,004		8,873,071
RSUs outstanding		701,652		341,847
Shares available for issuance under the Plans		6,245,119		5,131,660
Shares available for issuance under the ESPP		2,006,787		1,506,316
Pre-funded common stock warrants outstanding		2,676,804		2,676,804
Total		21,840,366		18,529,698

Two Thousand Twenty One Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of RSU Activity

A summary of the Company’s RSU activity under the 2021 Plan is as follows:

	Number of RSUs			Weighted- Average Grant Date Fair Value per Share
Outstanding at December 31, 2024		341,847		$	59.09
Granted		412,730		$	44.66
Vested and settled		(2,500	)	$	39.80
Forfeited or cancelled		(50,425	)	$	49.67
Outstanding at June 30, 2025(1)		701,652		$	51.35

(1)This amount includes 14,962 RSUs granted to the Company’s non-employee directors who have elected deferred settlement of the RSUs to a specified date following the first to occur of (i) the date that is 30 days following the date of the director's separation from service for any reason, or (ii) a change in control event.