Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Units Activity

The following table provides a summary of restricted stock units activity during the six months ended June 30, 2024:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2023		1,031,545		$	18.27
Granted		1,430,880		$	14.45
Vested		(369,359	)	$	16.63
Forfeiture		(176,478	)	$	16.41
Unvested restricted stock units at June 30, 2024		1,916,588		$	15.90

Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss

Share-based compensation expense recorded in the accompanying condensed statements of operations is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expense	$	4,709	$	3,410	$	9,362	$	6,790
Selling, general and administrative expense		8,321		6,067		16,312		12,134
Total share-based compensation expense	$	13,030	$	9,477	$	25,674	$	18,924

Summary of The Unvested Common Stock

The following table provides a summary of the unvested common stock awards activity during the six months ended June 30, 2024.

	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested common stock as of December 31, 2023		747,679		$	16.00
Vested		(376,591	)	$	16.00
Forfeiture		(25,415	)	$	16.00
Unvested common stock as of June 30, 2024		345,673		$	16.00

Schedule of fair value of our common stock to be issued under the ESPP

The fair value of our common stock to be issued under the ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

	Six Months Ended June 30,
	2024	2023
Expected term (in years)	0.5	0.5
Expected volatility	63.45%	63.57%
Risk-free interest rate	5.40%	5.24%
Expected dividend yield	—	—

Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted

The Company used the Black-Scholes option pricing model to estimate the fair value of stock option awards granted with the following assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Expected term (in years)	5.3 - 6.1	5.3 - 6.2	5.3 - 6.7	5.3 - 6.3
Expected volatility	68.57% - 69.18%	69.21% - 81.65%	68.27% - 70.57%	69.21% - 81.98%
Risk-free interest rate	4.24% - 4.47%	3.47% - 3.98%	3.90% - 4.47%	3.47% - 4.08%
Expected dividend yield	—	—	—	—

2021 Equity Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

The following table provides a summary of stock option activity during the six months ended June 30, 2024.

	Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		10,211,758		$	17.10
Granted		2,597,862		$	14.36
Exercised		(27,013	)	$	13.76			$	68
Forfeiture		(578,985	)	$	16.89
Outstanding at June 30, 2024		12,203,622		$	16.54		7.9	$	2,237
Vested and expected to vest at June 30, 2024		12,203,622		$	16.54		7.9	$	2,237
Exercisable at June 30, 2024		6,400,855		$	16.68		7.3	$	1,011