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Equity Incentive Plans (Tables)

9 Months Ended

Sep. 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 nine months ended September 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			1,758,243						$	14.87
Exercised			(135,771)						$	11.27
Forfeitures and cancellations			(173,846)						$	19.11
Outstanding at September 30, 2025			7,534,915						$	23.18					7.47						$	68,499
Exercisable at September 30, 2025			4,015,784						$	27.06					6.46						$	26,458

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			614,828						$	14.87
Released			(347,297)						$	21.96
Forfeitures and cancellations			(64,539)						$	18.81
Outstanding at September 30, 2025			1,430,669						$	18.91					1.42						$	43,807
RSU expected to vest at September 30, 2025			1,430,669						$	18.91					1.42						$	43,807

Schedule of Grant Date Fair Value Assumptions

The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:

			Nine months ended September 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 September 30, 2025			498,000						$	24.69					2.78

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:

												Nine Months Ended September 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																											$			10.98									$			15.59

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 September 30,												Nine Months Ended September 30,
(in thousands)			2025						2024						2025						2024
Research and development			$	4,467					$	3,959					$	13,330					$	10,947
General and administrative			4,690						4,230						14,236						14,917
Total			$	9,157					$	8,189					$	27,566					$	25,864

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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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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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