Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options Activity

Stock option activity for the nine months ended September 30, 2024, was as follows:

	Stock Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2023		4,233,203		$	10.83
Granted		1,974,483		$	15.04
Exercised		(203,847	)	$	10.82
Canceled/Forfeited		(333,086	)	$	13.37
Outstanding as of September 30, 2024		5,670,753		$	12.15

Summary of Restricted Stock Units

A summary of the Company’s RSU and PSU activity and related information for the nine months ended September 30, 2024 is as follows:

	Time-Based RSUs			PSUs		Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2023		—			—	$	—
Granted		77,645			28,555		10.64
Vested		—			—		—
Forfeited		(3,380	)		—		10.64
Issued and unvested as of September 30, 2024		74,265			28,555	$	10.64

Summary of Stock-based Compensation Expense

Stock-based compensation expense associated with stock options, RSUs, PSUs, and the Company’s ESPP included in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,419	$	785	$	3,433	$	2,167
General and administrative		1,807		1,156		4,677		2,959
Total stock-based compensation expense	$	3,226	$	1,941	$	8,110	$	5,126