Stock Compensation (Table)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Arrangements by Share-based Payment Award

Stock option activity under the 2017 EIP and 2021 EIP was as follows:

	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Outstanding as of December 31, 2022		3,821,787		$	10.30		8.51	$	35,872
Granted		2,291,000
Exercised		(111,927	)
Cancelled and forfeited		(238,624	)
Outstanding as of December 31, 2023		5,762,236		$	9.42		7.66	$	39,197
Options exercisable as of December 31, 2023		2,611,696		$	8.45		7.10	$	20,112
Vested and expected to vest as of December 31, 2023		5,762,236		$	9.42		7.66	$	39,197

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following tables summarize the stock-based compensation expense for stock options, restricted stock awards, and restricted stock units granted to employees and nonemployees and for ESPP stock-based compensation that was recorded in the Company’s statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022 (in thousands).

	Year Ended December 31,
	2023		2022
Research and development	$	4,845	$	4,592
General and administrative		6,648		4,295
Total stock-based compensation expense	$	11,493	$	8,887

	Year Ended December 31,
	2023		2022
Employees	$	10,494	$	5,975
Nonemployees		999		2,912
Total stock-based compensation expense	$	11,493	$	8,887

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted during the years ended December 31, 2023 and 2022, was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions.

	Year Ended December 31,
	2023	2022
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	79.5% – 80.5%	75.8% – 77.6%
Risk-free rate	3.4% – 4.7%	1.76% – 4.2%
Dividend yield	—	—

Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table shows RSU activity for the period ending December 31, 2023.

	NUMBER OF SHARES			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE PER SHARE
Unvested balance at December 31, 2022		204,000		$	18.37
Granted		—			—
Vested		(66,321	)		18.36
Cancelled and forfeited		(6,000	)		18.60
Unvested balance at December 31, 2023		131,679		$	18.36