Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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				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

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		2,212,885			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

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