Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of share based payment award stock options valuation assumptions

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted:

	Year Ended December 31,
	2023			2022
Risk-free interest rate		3.8	%		2.1	%
Expected volatility		79.9	%		77.5	%
Expected dividend yield		—			—
Expected term (in years)		6.0			6.0

Summary of Share-based payment arrangement, option, activity

The following table summarizes the Company’s option activity since December 31, 2022:

				Weighted		Weighted
				Average		Average		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2022		6,453,741		$	9.94		8.49	$	128,285
Granted		2,823,230			32.58
Exercised		(1,222,294	)		11.28
Forfeited		(19,922	)		21.61
Outstanding as of December 31, 2023		8,034,755		$	17.66		8.06	$	449,403
Vested and expected to vest as of December 31, 2023		8,034,755		$	17.66		8.06	$	449,403
Options exercisable as of December 31, 2023		3,426,961		$	10.23		7.50	$	217,126

Summary of stock-based compensation expenses

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

	Year Ended December 31,
	2023		2022
Research and development expenses	$	11,600	$	4,214
General and administrative expenses		13,963		6,111
	$	25,563	$	10,325