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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