Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary Of Temporary Equity

The authorized, issued and outstanding shares of convertible preferred stock as of December 31, 2022 consist of the following (in thousands, except share amounts):

	Shares Authorized	Shares Issued and Outstanding	Liquidation Preference		Carrying Value
Series A	45,000,000	8,753,147	$	41,512	$	45,937
Series B	46,666,672	9,077,342	96,860		104,270
Series C	23,999,996	4,668,338	99,628		105,702
Series D	63,972,982	12,443,676	159,755		159,349
Total	179,639,650	34,942,503	$	397,755	$	415,258

Schedule of Share-Based Payment Award Assumptions

The following table summarizes information about the significant Level 3 unobservable inputs used to estimate the fair value of the Company’s preferred stock at the modification date:

Risk-free interest rate	3.45	%
Expected volatility	80.0	%
Expected term (in years)	2.0
Expected dividend yield	0.0	%

Schedule of Unvested Shares and Stock Liability

A summary of the Company’s unvested shares and unvested stock liability, including unvested Founders Stock, is as follows (in thousands, except share data):

	Number of Unvested Shares	Unvested Stock Liability
Balance at December 31, 2022	982,299	$	929
Early exercised shares	745,567	2,413
Vested shares	(506,861)	(722)
Balance at September 30, 2023	1,221,005	$	2,620

Schedule of Stock Option Activity

A summary of the Company’s stock option activity is as follows (in thousands, except share and per share data):

	Number of Outstanding Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Balance at December 31, 2022	4,674,131	$	3.07	9.47	$	21,702
Granted	879,628	$	6.71
Exercised	(1,209,126)	$	3.22
Cancelled	(87,053)	$	2.99
Balance at September 30, 2023	4,257,580	$	3.78	8.97	$	78,411
Vested and expected to vest at September 30, 2023	4,257,580	$	3.78	8.97	$	78,411
Exercisable at September 30, 2023	4,219,723	$	3.66	8.96	$	78,251

Schedule of Share-Based Compensation Expense

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Risk-free interest rate	4.47% – 4.63%	—%	3.41% – 4.63%	1.58% – 2.93%
Expected volatility	93.8% – 94.7%	—%	88.9% – 94.7%	81.9% – 84.5%
Expected term (in years)	5.77 – 6.07	0.00	5.77 – 6.07	6.03 – 10.00
Expected dividend yield	0.0%	0.0%	0.0%	0.0%

Schedule of Share-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,
	2023		2022		2023		2022
Research and development	$	1,063	$	757	$	3,023	$	2,219
General and administrative	1,501		690		4,172		2,000
Total	$	2,564	$	1,447	$	7,195	$	4,219

Summary Of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance consists of the following:

	September 30, 2023	December 31, 2022
Conversion of preferred stock	—	35,543,204
Common stock options outstanding	4,257,580	4,674,131
Shares available for issuance under the Plans	6,006,598	799,173
Shares available for purchase under the ESPP	600,000	—
Total	10,864,178	41,016,508