Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity under the 2019 Plan and 2024 Plan is as follows:

	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023 *		4,310,034		$	4.09		9.09	$	11,810
Options granted		286,868		$	22.51
Options exercised *		(368,197	)	$	3.15
Outstanding at March 31, 2024		4,228,705		$	5.42		8.94	$	82,104
Exercisable at March 31, 2024 **		1,717,997		$	3.48		8.21	$	36,705
Vested and expected to vest at March 31, 2024		4,228,705		$	5.42		8.94	$	82,104

Schedule of Fair Value of Options Granted to Employees and Nonemployees Estimated at the Grant Date using the Assumptions

The fair value of options granted to employees and nonemployees was estimated at the grant date using the following assumptions for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31,
	2024	2023
Employees
Expected volatility	93%	95%
Expected dividend yield	0%	0%
Expected term (in years)	6.07 - 6.08	6.0 - 6.1
Risk-free interest rate	4.1% - 4.2%	3.6% - 3.7%

Schedule of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense related to stock options granted to employees and nonemployees (in thousands):

	Three Months Ended March 31,
	2024		2023
Research and development	$	581	$	123
General and administrative		1,697		345
Total stock-based compensation expense	$	2,278	$	468