Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted

The assumptions that the Company used to determine the grant-date fair value of options granted were as follows:

	Three Months Ended March 31,
	2024		2023
Expected volatility	66%		67%
Risk-free interest rate	3.98% — 4.31%		3.42% — 4.22%
Expected term (in years)	6		6
Expected dividend yield		—		—

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2024 is as follows:

(in thousands, except share and per share data)	Options			Weighted Average Exercise Price		Weighted Average Remaining Life (in years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2024		9,914,719		$	10.48		7.7	$	38,732
Granted		849,962			25.35
Exercised		(1,858,791	)		5.87
Canceled		(297,924	)		11.06
Outstanding as of March 31, 2024		8,607,966		$	12.92		7.1	$	133,486
Options exercisable as of March 31, 2024		4,159,765		$	11.52		6.2	$	70,155
Options vested or expected to vest as of March 31, 2024		8,607,966		$	12.92		7.1	$	133,486

Summary of RSU Activity

A summary of the Company’s RSU activity and related information for the three months ended March 31, 2024 is as follows:

	Number of Shares Underlying RSUs			Weighted Average Grant Date Fair Value
Issued and unvested as of January 1, 2024		3,422,212		$	11.50
Granted		39,732			21.77
Vested		(239,150	)		11.70
Forfeited		(49,723	)		10.84
Issued and unvested as of March 31, 2024		3,173,071		$	11.63

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss:

	Three Months Ended March 31,
(in thousands)	2024		2023
Research and development	$	3,817	$	2,627
General and administrative		16,089		1,990
Total	$	19,906	$	4,617