Stock Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023		5,762,236		$	9.42		7.66	$	39,197
Granted		2,340,950
Exercised		(1,167,790	)
Cancelled and forfeited		(445,937	)
Outstanding as of September 30, 2024		6,489,459		$	13.97		8.16	$	196,198
Options exercisable as of September 30, 2024		2,646,618		$	9.14		7.23	$	92,781
Vested and expected to vest as of September 30, 2024		6,489,459		$	13.97		8.16	$	196,198

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

The following tables summarize the stock-based compensation expense for stock options and restricted stock units granted to employees and nonemployees and for ESPP stock-based compensation that was recorded in the Company’s condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	2,261	$	1,146	$	5,888	$	3,511
General and administrative		3,327		1,777		8,697		4,761
Total stock-based compensation expense	$	5,588	$	2,923	$	14,585	$	8,272

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Employees	$	4,791	$	2,621	$	12,923	$	7,542
Nonemployees		797		302		1,662		730
Total stock-based compensation expense	$	5,588	$	2,923	$	14,585	$	8,272

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

The fair value of stock options granted during the three and nine months ended September 30, 2024 and 2023, was estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected term (in years)	6 - 6.1	6.1	5.5 - 6.1	5.5 - 6.1
Expected volatility	70.3% - 70.4%	80.2%	70.3% - 73.2%	79.5% - 80.5%
Risk-free rate	3.6% - 4.4%	4.2%	3.6% - 4.6%	3.4% - 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 ended September 30, 2024.

	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested balance at December 31, 2023		131,679		$	18.36
Granted		484,662			22.07
Vested		(107,472	)		18.52
Cancelled and forfeited		(29,332	)		17.86
Unvested balance at September 30, 2024		479,537		$	22.10