v3.24.1.u1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

Stock option activity under the 2019 Equity Incentive Plan (the “2019 Plan”) is set forth below for the three months ended March 31, 2024:

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Shares

 

 

Price Per

 

 

Term

 

 

Value

 

 

 

Outstanding

 

 

Share

 

 

(Years)

 

 

(in thousands)

 

Balances at December 31, 2023

 

 

4,099,947

 

 

$

21.00

 

 

 

7.6

 

 

$

23,206

 

Stock options granted

 

 

1,426,119

 

 

 

24.41

 

 

 

 

 

 

 

Stock options exercised

 

 

(14,374

)

 

 

4.67

 

 

 

 

 

 

 

Stock options forfeited

 

 

(27,202

)

 

 

23.25

 

 

 

 

 

 

 

Balances at March 31, 2024

 

 

5,484,490

 

 

$

21.92

 

 

 

8.0

 

 

$

1,289

 

Summary of RSU Activity

Restricted stock unit (“RSU”) activity under the 2019 Plan is set forth below for the three months ended March 31, 2024:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

 

 

Outstanding

 

 

Per Share

 

Balances at December 31, 2023

 

 

13,500

 

 

$

44.66

 

RSUs granted

 

 

—

 

 

 

—

 

RSUs vested and settled

 

 

(13,500

)

 

 

44.66

 

RSUs forfeited

 

 

—

 

 

 

—

 

Balances at March 31, 2024

 

 

—

 

 

$

—

 

Summary of Stock-based Compensation Expense

Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the 2019 Employee Stock Purchase Plan (the “2019 ESPP”) was as follows (in thousands):

 

 

 

For the Three Months
Ended March 31,

 

 

 

2024

 

 

2023

 

Research and development

 

$

2,637

 

 

$

1,960

 

General and administrative

 

 

2,761

 

 

 

2,134

 

Total stock-based compensation expense

 

$

5,398

 

 

$

4,094