Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares			Weighted- Average Exercise Price
				(in dollars)
Outstanding as of December 31, 2023		8,343,434		$	7.47
Granted		2,470,100		$	5.13
Exercised		(14,543	)	$	2.80
Cancelled		(346,964	)	$	10.68
Outstanding as of June 30, 2024		10,452,027		$	6.82

Summary of Fair Value of Stock Option Awards

The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Expected term (in years)	6.0	5.5 – 6.1	6.0 – 6.1	5.5 – 6.1
Expected volatility	92%	94% – 95%	92% – 93%	94% – 95%
Risk-free interest rate	4.5%	3.4% – 3.9%	3.9% – 4.5%	3.4% – 4.0%
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
				(in dollars)
Unvested as of December 31, 2023		1,088,276		$	3.34
Granted		893,665		$	5.21
Vested		(261,117	)	$	3.28
Forfeited		(99,362	)	$	4.70
Unvested as of June 30, 2024		1,621,462		$	4.30

Summary of Stock-based Compensation

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	2,246	$	1,772	$	4,235	$	3,343
General and administrative		2,365		2,059		4,600		4,002
Total stock-based compensation	$	4,611	$	3,831	$	8,835	$	7,345