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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the three months ended March 31, 2025:
|  | Number of Shares |  |  | Weighted- Average Exercise Price per share |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance at December 31, 2024 |  |  | 4,189,746 |  |  | $ | 10.02 |  |  |  | 9.19 |  |  | $ | 34,324 |
Granted |  |  | 1,629,880 |  |  |  | 16.55 |  |  |  |  |  |  |
Exercised |  |  | (3,240 | ) |  |  | 1.80 |  |  |  |  |  |  |
Forfeited |  |  | (190,364 | ) |  |  | 12.40 |  |  |  |  |  |  |
Expired |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options outstanding at March 31, 2025 |  |  | 5,626,022 |  |  | $ | 11.83 |  |  |  | 9.16 |  |  | $ | 12,185,298 |
Options vested and exercisable at March 31, 2025 |  |  | 914,448 |  |  |  | 5.43 |  |  |  | 8.48 |  |  |  | 4,646,260 |
Options vested and expected to vest at March 31, 2025 |  |  | 5,626,022 |  |  | $ | 11.83 |  |  |  | 9.16 |  |  | $ | 12,185,298 |
Summary of Restricted Stock Awards Grant Activity | The following table summarizes the Company’s service-based RSA grant activity for the three months ended March 31, 2025:
|  | RSAs |  |  | Weighted- Average Grant Date Fair Value |
Unvested shares at December 31, 2024 |  |  | 976,596 |  |  |  | 3.69 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (135,164 | ) |  |  | 3.53 |
Forfeited |  |  | (44,792 | ) |  |  | 2.92 |
Unvested shares at March 31, 2025 |  |  | 796,640 |  |  | $ | 3.77 |
Summary of Performance-based RSA Grant Activity | The following table summarizes the Company’s performance-based RSA grant activity for the three months ended March 31, 2025:
|  | RSAs |  |  | Weighted- Average Grant Date Fair Value |
Unvested shares at December 31, 2024 |  |  | 444,235 |  |  | $ | 3.63 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (53,130 | ) |  |  | 3.61 |
Forfeited |  |  | (41,216 | ) |  |  | 2.92 |
Unvested shares at March 31, 2025 |  |  | 349,889 |  |  | $ | 3.72 |
Summary of Share-based Compensation Expense | The following table below summarizes the classification of the Company’s stock-based compensation expense related to stock options and restricted common stock awards in the condensed consolidated statements of operations and comprehensive loss (in thousands):
|  | For the Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
General and Administrative |  | $ | 2,719 |  |  | $ | 769 |
Research and Development |  |  | 1,321 |  |  |  | 722 |
|  | $ | 4,040 |  |  | $ | 1,491 |

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