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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Payment Arrangement, Option, Activity | The following table summarizes the Company’s stock option activity for the six months ended June 30, 2025:
| Number of Shares |  | Weighted-Average Exercise Price
Outstanding at December 31, 2024 | 11,410,691 |  |  | $ | 9.08 |
Granted | 7,531,444 |  |  | 1.94 |
Exercised | — |  |  | — |
Cancelled or forfeited | (2,102,462) |  |  | 7.04 |
Outstanding at June 30, 2025 | 16,839,673 |  |  | $ | 6.14 |
Options vested and exercisable at June 30, 2025 | 7,106,428 |  |  | $ | 8.45 |
Options vested and expected to vest at June 30, 2025 | 16,839,673 |  |  | $ | 6.14 |
The following table summarizes the Company’s performance-based stock option activity for the six months ended June 30, 2025:
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2024 |  | 1,061,730 |  |  | $ | 7.31 |
Granted |  | 700,000 |  |  | 1.34 |
Exercised |  | — |  |  | — |
Cancelled or forfeited |  | — |  |  | — |
Outstanding at June 30, 2025 |  | 1,761,730 |  |  | $ | 4.94 |
Vested and exercisable at June 30, 2025 |  | 845,646 |  |  | $ | 6.87 |
Schedule of Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option | The following table summarizes the Company’s performance-based restricted common stock activity for the six months ended June 30, 2025:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2024 | 3,472,546 |  |  | $ | 0.06 |
Issued | — |  |  | — |
Vested | — |  |  | — |
Repurchased | — |  |  | — |
Outstanding at June 30, 2025 | 3,472,546 |  |  | $ | 0.06 |
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount | 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:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation expense: |  |  |  |  |  |  |  |
Research and development |  | $ | 3,218 |  |  | $ | 4,221 |  |  | $ | 6,074 |  |  | $ | 6,946 |
General and administrative |  | 3,107 |  |  | 3,870 |  |  | 5,932 |  |  | 6,354 |
Total stock-based compensation expense |  | $ | 6,325 |  |  | $ | 8,091 |  |  | $ | 12,006 |  |  | $ | 13,300 |

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