Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
				(in dollars)		(Years)		(In thousands)
Outstanding as of December 31, 2022		5,210,182		$	10.01
Granted		3,311,758		$	3.36
Exercised		(10,875	)	$	2.71
Cancelled		(167,631	)	$	5.85
Outstanding as of December 31, 2023		8,343,434		$	7.47		8.12	$	2,380
Exercisable as of December 31, 2023		3,821,798		$	7.81		7.43	$	1,700

Summary of Fair Value of Stock Option Awards

The assumptions used to determine the fair value of the awards represent management’s best estimates.

	Year Ended December 31,
	2023	2022
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	93% – 95%	95% – 97%
Risk-free interest rate	3.4% – 4.5%	1.6% – 4.2%
Expected dividend yield	—%	—%

Summary of Restricted Stock Activity

The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan.

	Shares			Weighted Average Grant Date Fair Value per Share		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
				(in dollars)		(Years)		(In thousands)
Unvested as of December 31, 2022		459,192		$	4.07
Granted		911,813		$	3.06
Vested		(254,172	)	$	3.61
Forfeited		(28,557	)	$	3.70
Unvested as of December 31, 2023		1,088,276		$	3.34		1.19	$	3,526

Summary of Stock-based Compensation

The following table summarizes stock-based compensation recognized in the Company’s statements of operations and comprehensive loss:

	Year Ended December 31,
	2023		2022
Research and development	$	7,039	$	4,914
General and administrative		8,270		6,553
Total stock-based compensation	$	15,309	$	11,467