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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Option Plans

Stock option activity under the 2019 Plan is set forth below for the year ended December 31, 2024:

						Weighted				Average
						Average				Remaining				Aggregate
		Number of				Exercise				Contractual				Intrinsic
		Shares				Price Per				Term				Value
		Outstanding				Share				(Years)				(in thousands)
Balances at December 31, 2023			4,099,947			$	21.00				7.6			$	23,206
Stock options granted			1,648,459				21.74
Stock options exercised			(14,374	)			4.67
Stock options forfeited			(728,712	)			23.36
Balances at December 31, 2024			5,005,320			$	20.94				7.2			$	1
Vested and expected to vest at December 31, 2024			5,005,320				20.94				7.2			$	1
Exercisable at December 31, 2024			3,224,884				19.65			6.5					—

Summary of RSU Activity

Restricted Stock Units (“RSU”) activity under the 2019 Plan is set forth below for the year ended December 31, 2024:

						Weighted
						Average
		Number of				Grant Date
		Shares				Fair Value
		Outstanding				Per Share
Balances at December 31, 2023			13,500			$	44.66
RSUs granted			—				—
RSUs vested and settled			(13,500	)			44.66
RSUs forfeited			—				—
Balances at December 31, 2024			—			$	—

Summary of Assumptions Used to Value Under Stock Option Plans

The fair value of the rights granted to employees under the 2019 ESPP was estimated using a Black-Scholes option-pricing model with the following valuation assumptions:

		For the Year Ended December 31,
		2024		2023
Fair value		$0.91 - $5.90		$4.79 - $12.12
Expected term (in years)		0.50 - 2.00		0.50 - 2.00
Volatility		95.6% - 165.3%		64.3% - 93.2%
Risk-free interest rate		4.21% - 5.53%		4.14% - 5.51%
Dividend yield		—		—

Summary of Stock-based Compensation Expense

Total stock-based compensation expense recognized for stock options and RSUs granted to both employees and non-employees and for the employee stock purchase plan was as follows (in thousands):

		For the Year Ended December 31,
		2024				2023
Research and development		$	9,203			$	7,941
General and administrative			10,732				9,150
Total stock-based compensation expense		$	19,935			$	17,091

Employee and Non-employees

Summary of Assumptions Used to Value Under Stock Option Plans

The assumptions used to value employee and non-employee stock option awards granted under the Option Plans during the years ended December 31, 2024 and 2023, using the Black-Scholes option pricing model, were as follows:

		For the Year Ended December 31,
		2024		2023
Fair value		$1.16 - $24.75		$11.25 - $23.70
Expected term (in years)		5.88 - 6.06		5.87 - 6.06
Volatility		99.6% - 110.7%		94.9% - 97.8%
Risk-free interest rate		3.93% - 4.64%		3.46% - 4.71%
Dividend yield		—		—

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