Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expenses

The Company recorded stock-based compensation expense within its condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	7,322	$	2,693	$	13,985	$	5,206
General and administrative expenses		7,803		3,155		14,997		6,013
	$	15,125	$	5,848	$	28,982	$	11,219

Summary of stock option activity

The following table summarizes the Company’s option activity since December 31, 2023:

						Weighted
						Average
				Weighted		Remaining		Aggregate
				Average		Contractual		Intrinsic
	Number			Exercise		Term		Value
	of Shares			Price		(in years)		(in thousands)
Outstanding as of December 31, 2023		8,034,755		$	17.66		8.06	$	449,403
Granted		1,198,801		$	75.18
Exercised		(649,595	)	$	16.09
Cancelled or forfeited		(22,717	)	$	34.87
Outstanding as of June 30, 2024		8,561,244		$	25.78		7.85	$	430,979
Exercisable as of June 30, 2024		4,113,020		$	13.42		7.18	$	256,837

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity since December 31, 2023:

	Number of Shares			Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2023		—		$	—
Granted		652,281		$	73.93
Vested		—		$	—
Forfeited		(2,000	)	$	72.35
Outstanding as of June 30, 2024		650,281		$	73.94