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Equity Incentive Plans (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity Related to Stock Option Awards | A summary of the activity related to stock option awards during the six months ended June 30, 2025 is as follows:
| Shares Subject to Options |  | Weighted-Average Exercise Price per Share |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025 | 6,086,289 |  |  | $ | 25.20 |  |  | 7.63 |  | $ | 534 |
Granted | 1,745,653 |  |  | $ | 14.83 |  |  |  |  |
Exercised | (66,971) |  |  | $ | 11.07 |  |  |  |  |
Forfeitures and cancellations | (161,843) |  |  | $ | 18.89 |  |  |  |  |
Outstanding at June 30, 2025 | 7,603,128 |  |  | $ | 23.08 |  |  | 7.67 |  | $ | 19,650 |
Exercisable at June 30, 2025 | 3,793,325 |  |  | $ | 27.11 |  |  | 6.52 |  | $ | 5,200 |
Schedule of Time-based Restricted Stock Units Activity |
| Number of Restricted Stock Units |  | Weighted-Average Grant Date Fair Value |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025 | 1,227,677 |  |  | $ | 21.79 |  |  | 1.46 |  | $ | 16,254 |
Granted | 610,428 |  |  | $ | 14.83 |  |  |  |  |
Released | (323,714) |  |  | $ | 21.92 |  |  |  |  |
Forfeitures and cancellations | (62,090) |  |  | $ | 18.85 |  |  |  |  |
Outstanding at June 30, 2025 | 1,452,301 |  |  | $ | 18.96 |  |  | 1.64 |  | $ | 32,241 |
RSU expected to vest at June 30, 2025 | 1,452,301 |  |  | $ | 18.96 |  |  | 1.64 |  | $ | 32,241 |
Schedule of Grant Date Fair Value Assumptions | The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:
| Six months ended June 30,
| 2025
Volatility of common stock | 59.0 |  | %
Risk-free interest rate | 4.1 |  | %
Contract term (in years) | 3.9 |
Schedule of Performance Shares, Outstanding Activity | The following table presents a summary of activity with respect to our PSUs:
| Number of Performance Stock Units |  | Weighted-Average Grant Date Fair Value |  | Weighted-Average Remaining Contractual Term (in years)
Outstanding at January 1, 2025 | 504,500 |  |  | $ | 24.69 |  |  | 3.52
Granted | — |  |  | $ | — |  |  |
Released | — |  |  | $ | — |  |  |
Forfeitures | (6,500) |  |  | $ | 24.69 |  |  |
Outstanding at June 30, 2025 | 498,000 |  |  | $ | 24.69 |  |  | 3.03
Schedule of Weighted Average Assumptions used to Estimate Fair Value | The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
|  |  |  | Six Months Ended June 30, |
|  |  |  |  | 2025 |  |  |  | 2024 |
Risk-free interest rate |  |  |  |  |  |  |  |  |  | 4.5 |  | % |  |  | 4.0 |  | %
Expected volatility |  |  |  |  |  |  |  |  |  | 81.8 |  | % |  |  | 78.3 |  | %
Expected dividend yield |  |  |  |  |  |  |  |  |  | — |  | % |  |  | — |  | %
Expected term (in years) |  |  |  |  |  |  |  |  |  | 6.35 |  |  |  | 6.28 |
Weighted-average grant date fair value per share |  |  |  |  |  |  |  |  | $ | 10.95 |  |  | $ | 15.28 |
Schedule of Non-cash Stock-based Compensation Expense | Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | $ | 4,456 |  |  | $ | 3,534 |  |  | $ | 8,863 |  |  | $ | 6,988 |  |
General and administrative | 4,783 |  |  | 4,010 |  |  | 9,546 |  |  | 10,687 |  | (1)
Total | $ | 9,239 |  |  | $ | 7,544 |  |  | $ | 18,409 |  |  | $ | 17,675 |  |
(1) Includes $2.6 million related to two year RSU initially issued to our Chief Executive Officer in March 2022 and now fully recognized.

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 + 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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