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 September 30, 2024, 844,800 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 September 30, 2024, 650,400 shares of common stock remained available for issuance under the ESPP. As of

September 30, 2024, 1,873,750 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Research and development	$	2,478	$	1,778	$	7,472	$	4,902
General and administrative		2,264		1,820		7,132		5,365
Total stock-based compensation expense	$	4,742	$	3,598	$	14,604	$	10,267

As of September 30, 2024, there was $32.3 million of total unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 2.2 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		2,212,885			13.27
Exercised		(106,339	)		4.86
Cancelled		(333,024	)		13.06
Balance, September 30, 2024		9,131,129		$	10.21		7.8
Exercisable, September 30, 2024		4,983,606		$	9.52		7.2

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		(104,060	)		4.04
Forfeited		(2,564	)		3.96
Balance, September 30, 2024		5,296		$	4.50