XML 55 R29.htm IDEA: XBRL DOCUMENT v3.25.0.1

Stock Compensation (Table)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Company's Equity Plans

The table below summarizes the Company's equity plans as of December 31, 2024:

Plan		Maximum Number of Shares Authorized				Shares Available for Future Issuance
2024 Inducement Plan			1,250,000				71,075
2021 Equity Incentive Plan			6,873,404				682,278
2017 Equity Incentive Plan			2,275,305				—
2021 Employee Stock Purchase Plan			1,148,444				1,059,692

Summary of Share-based Compensation Arrangements by Share-based Payment Award

Stock option activity under the 2017 EIP, 2021 EIP, and 2024 Inducement Plan is summarized as follows:

		Number of Options				Weighted-Average Exercise Price per Share				Weighted-Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value (000s)
Outstanding as of December 31, 2023			5,762,236			$	9.42				7.66			$	39,197
Granted			2,799,750			$	25.83
Exercised			(1,486,314	)		$	8.66
Cancelled and forfeited			(463,875	)		$	10.93
Outstanding as of December 31, 2024			6,611,797			$	16.44				8.11			$	172,630
Options exercisable as of December 31, 2024			2,703,670			$	9.65				7.11			$	88,257
Vested and expected to vest as of December 31, 2024			6,611,797			$	16.44				8.11			$	172,630

Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table shows RSU activity for the period ending December 31, 2024:

		Number of Shares				Weighted-Average Grant Date Fair Value per Share
Unvested balance at December 31, 2023			131,679			$	18.36
Granted			713,812				29.67
Vested			(111,396	)			19.03
Cancelled and forfeited			(37,207	)			22.33
Unvested balance at December 31, 2024			696,888			$	29.63

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following tables summarize the stock-based compensation expense for stock options and restricted stock units granted to employees and nonemployees and for ESPP stock-based compensation that was recorded in the Company’s statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023 (in thousands):

		Year Ended December 31,
		2024				2023
Research and development		$	8,537			$	4,845
General and administrative			12,265				6,648
Total stock-based compensation expense		$	20,802			$	11,493

		Year Ended December 31,
		2024				2023
Employees		$	18,356			$	10,494
Nonemployees			2,446				999
Total stock-based compensation expense		$	20,802			$	11,493

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted during the years ended December 31, 2024 and 2023, was estimated using the Black-Scholes option pricing model based on the following assumptions:

		Year Ended December 31,
		2024		2023
Expected term (in years)		5.4 – 6.1		5.5 – 6.1
Expected volatility		69.7% – 73.2%		79.5% – 80.5%
Risk-free rate		3.6% – 4.6%		3.4% – 4.7%
Dividend yield		—		—

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of employee stock purchase plan activity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration