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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2025 and 2024, was estimated using the Black-Scholes option-pricing model and was calculated based on the following assumptions.

		Nine months ended September 30,
		2025		2024
Fair value of common stock		$6.00 - $18.25		$9.14 - $16.00
Dividend yield		—%		—%
Volatility		93.6% - 97.5%		88% - 110%
Risk-free interest rate		3.87% - 4.42%		3.52% - 5.18%
Expected term (years)		5.50 - 6.08		0.50 - 6.08

Summary of Stock Option Activity

The Company’s stock option activity regarding employees, directors, and nonemployees for the nine months ended September 30, 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			1,474,871				10.62
Exercised			(186,091	)			7.85
Forfeited			(193,519	)			10.71
Options outstanding - September 30, 2025			4,597,701			$	9.27				8.47				38,152
Options vested and expected to vest - September 30, 2025			4,597,701			$	9.27				8.47				38,152
Options exercisable - September 30, 2025			2,449,642			$	7.14				7.76			$	25,409

Additional information with regard to stock option activity involving employees and directors for the nine months ended September 30, 2025 and 2024, is as follows (in thousands except per share amounts):

		September 30,
		2025				2024
Weighted-average grant date fair value per option of total options granted		$	8.15			$	4.79
Aggregate intrinsic value of stock options exercised			636				361

Summary of Stock-based Compensation Expense

During the three and nine months ended September 30, 2025 and 2024, the Company recorded stock-based compensation expense regarding its employees, directors, and nonemployees as follows (in thousands):

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Research and development expense		$	923			$	529			$	2,527			$	1,913
General and administrative expense			1,322				663				3,494				1,821
Total		$	2,245			$	1,192			$	6,021			$	3,734

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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

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-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

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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.

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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-Name Accounting Standards Codification
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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.

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