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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 Valuation Assumptions | The determination of the grant date fair value of stock-based awards granted to employees, directors and nonemployees during the three months ended March 31, 2025 and 2024, was estimated using the Black-Scholes option-pricing model and was calculated based on the following assumptions.
|  | Three months ended March 31,
|  | 2025 |  | 2024
Fair value of common stock |  | $10.14 - $18.25 |  | $9.14
Dividend yield |  | —% |  | —%
Volatility |  | 93.7% - 93.9% |  | 90%
Risk-free interest rate |  | 4.01% - 4.42% |  | 3.93% - 5.18%
Expected term (years) |  | 6.08 |  | 0.50 - 6.08
Summary of Stock Option Activity | The Company’s stock option activity regarding employees, directors, and nonemployees for the three months ended March 31, 2025, is summarized as follows (in thousands except share and per share amounts):
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (years) |  |  | Aggregate intrinsic value |
Options outstanding - December 31, 2024 |  |  | 3,502,440 |  |  | $ | 8.70 |  |  |  | 8.89 |  |  | $ | 34,307 |
Granted |  |  | 914,206 |  |  |  | 10.71 |  |  |  |  |  |  |
Exercised |  |  | (3,019 | ) |  |  | 1.23 |  |  |  |  |  |  |
Forfeited |  |  | (116,217 | ) |  |  | 9.42 |  |  |  |  |  |  |
Options outstanding - March 31, 2025 |  |  | 4,297,410 |  |  | $ | 9.12 |  |  |  | 9.04 |  |  |  | 3,158 |
Options vested and expected to vest - March 31, 2025 |  |  | 4,297,410 |  |  | $ | 9.12 |  |  |  | 9.04 |  |  |  | 3,158 |
Options exercisable - March 31, 2025 |  |  | 2,384,405 |  |  | $ | 6.56 |  |  |  | 8.17 |  |  | $ | 3,155 |
Additional information with regard to stock option activity involving employees and directors for the three months ended March 31, 2025 and 2024, is as follows (in thousands except per share amounts):
|  | March 31, |
|  | 2025 |  |  | 2024 |
Weighted-average grant date fair value per option of total options granted |  | $ | 8.39 |  |  | $ | 5.84 |
Aggregate intrinsic value of stock options exercised |  |  | 27 |  |  |  | 158 |
Summary of Stock-based Compensation Expense | During the three months ended March 31, 2025 and 2024, the Company recorded stock-based compensation expense regarding its employees, directors, and nonemployees as follows (in thousands):
|  | Three months ended March 31, |
|  | 2025 |  |  | 2024 |
Research and development expense |  | $ | 834 |  |  | $ | 1,056 |
General and administrative expense |  |  | 1,005 |  |  |  | 567 |
Total |  | $ | 1,839 |  |  | $ | 1,623 |

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- 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
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- 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
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