Effective January 1, 2024, the number of shares of common stock available under the 2021 Incentive Award Plan (the “2021 Plan”) increased by 1,798,926 shares pursuant to the evergreen provision. As of June 30, 2024, 689,786 shares of common stock remained available for issuance under the 2021 Plan. Effective January 1, 2024, the number of shares of common stock available under the 2021 Employee Stock Purchase Plan (the “ESPP”) increased by 359,785 shares pursuant to the evergreen provision of the ESPP. As of

June 30, 2024, 650,400 shares of common stock remained available for issuance under the ESPP. As of June 30, 2024, 1,881,250 shares of common stock remained available for issuance under the 2023 Inducement Equity Plan as adopted in November 2023.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Research and development	$	2,448	$	1,650	$	4,994	$	3,124
General and administrative		2,392		1,786		4,868		3,545
Total stock-based compensation expense	$	4,840	$	3,436	$	9,862	$	6,669

As of June 30, 2024, there was $40.3 million of total unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 2.4 years.

The following table summarizes stock option activity:


	Outstanding Options
	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)
Balance, December 31, 2023		7,357,607		$	9.34		8.1
Granted		2,205,385			13.29
Exercised		(95,545	)		4.69
Cancelled		(178,010	)		12.04
Balance, June 30, 2024		9,289,437		$	10.27		8.0
Exercisable, June 30, 2024		4,517,598		$	9.53		7.3

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		(61,059	)		4.05
Forfeited		(2,564	)		3.96
Balance, June 30, 2024		48,297		$	4.07