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Stock-Based Compensation (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Fair Value Assumptions | The assumptions that the Company used to determine the estimated grant-date fair value of stock options granted to employees and directors under the 2020 Plan and the 2022 Inducement Plan were as follows, presented as a weighted average:
| September 30, |  |  | September 30, |
| 2025 |  |  | 2024 |
Risk-free interest rate |  |  | 4.08 | % |  |  |  | 3.92 | %
Expected term (in years) |  |  | 6.04 |  |  |  |  | 6.03 |
Expected volatility |  |  | 78.10 | % |  |  |  | 85.10 | %
Expected dividend yield |  |  | — |  |  |  |  | — |
Schedule of Stock Option Activity | The following table summarizes the stock option activity under the 2020 Plan and the 2022 Inducement Plan:
|  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | Number of |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Term |  |  | Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Outstanding as of December 31, 2024 |  |  | 11,353,057 |  |  | $ |  | 10.28 |  |  |  | 6.37 |  |  | $ |  | 7,519 |
Granted |  |  | 4,739,460 |  |  |  |  | 4.54 |  |  |  |  |  |  |  |
Exercised |  |  | (234,094 | ) |  |  |  | 2.83 |  |  |  |  |  |  |  |
Forfeited and cancelled |  |  | (371,993 | ) |  |  |  | 9.25 |  |  |  |  |  |  |  |
Outstanding as of September 30, 2025 |  |  | 15,486,430 |  |  | $ |  | 8.66 |  |  |  | 7.54 |  |  | $ |  | 51,958 |
Options vested and exercisable as of September 30, 2025 |  |  | 8,162,451 |  |  | $ |  | 9.99 |  |  |  | 6.28 |  |  | $ |  | 24,309 |
Options expected to vest as of September 30, 2025 |  |  | 7,323,979 |  |  | $ |  | 7.18 |  |  |  | 8.95 |  |  | $ |  | 27,649 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense related to awards granted under the 2014 Plan, the 2020 Plan, the ESPP and the 2022 Inducement Plan was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ |  | 2,582 |  |  | $ |  | 4,280 |  |  | $ |  | 9,592 |  |  | $ |  | 11,925 |
General and administrative |  |  |  | 1,668 |  |  |  |  | 1,346 |  |  |  |  | 3,728 |  |  |  |  | 4,334 |
Total |  | $ |  | 4,250 |  |  | $ |  | 5,626 |  |  | $ |  | 13,320 |  |  | $ |  | 16,259 |

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