Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated

Total stock-based compensation expense related to the Company’s equity incentive plan and employee stock purchase plan was recorded in the statements of operations and allocated as follows (in thousands):

	Three Months Ended
	March 31,
	2024		2023
Research and development	$	2,546	$	1,474
General and administrative		2,476		1,759
Total stock-based compensation expense	$	5,022	$	3,233

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Outstanding Options
	Shares			Weighted- Average Exercise		Weighted- Average Remaining Contractual Term (Years)
Balance, December 31, 2023		7,357,607		$	9.34		8.1
Granted		1,838,510			14.60
Exercised		(22,750	)		5.09
Cancelled		(4,082	)		9.61
Balance, March 31, 2024		9,169,285			10.40		8.3
Exercisable, March 31, 2024		4,020,182		$	9.08		7.6

Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity:

	Number of Restricted Stock Awards			Weighted-Average Grant Date Fair Value
Balance, December 31, 2023		111,920		$	4.06
Granted		—			—
Released		(44,226	)		4.03
Forfeited		(2,564	)		3.96
Balance, March 31, 2024		65,130		$	4.09