Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 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

Summary of Stock Option Activity

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

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