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Equity Incentive Plans (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table presents stock option activity under the Plans for the period:
|  | Number of Shares |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balances as of December 31, 2024 |  |  | 14,594,720 |  |  | $ | 8.29 |  |  |  | 7.94 |  |  | $ | 4 |
Stock options granted |  |  | 6,159,513 |  |  | $ | 2.55 |  |  |  |  |  |  |
Stock options exercised |  |  | (43,113 | ) |  | $ | 1.44 |  |  |  |  |  |  |
Stock options forfeited |  |  | (690,940 | ) |  | $ | 6.52 |  |  |  |  |  |  |
Balances as of June 30, 2025 |  |  | 20,020,180 |  |  | $ | 6.60 |  |  |  | 8.08 |  |  | $ | 286 |
Vested and Exercisable as of June 30, 2025 |  |  | 8,373,556 |  |  | $ | 9.99 |  |  |  | 6.50 |  |  | $ | 42 |
Summary of RSU Activity under Equity Incentive Plan | A summary of RSU activity under the Company’s equity incentive plan and related information is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value Per Share |
Unvested as of December 31, 2024 |  |  | 770,028 |  |  | $ | 5.28 |
Granted |  |  | 1,072,921 |  |  |  | 2.50 |
Vested |  |  | (289,735 | ) |  |  | 5.62 |
Cancelled |  |  | (100,215 | ) |  |  | 3.11 |
Unvested as of June 30, 2025 |  |  | 1,452,999 |  |  | $ | 3.31 |
Summary of Stock-Based Compensation Expense | The total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 2,688 |  |  | $ | 2,311 |  |  | $ | 5,517 |  |  | $ | 4,593 |
General and administrative |  |  | 1,517 |  |  |  | 2,631 |  |  |  | 3,766 |  |  |  | 5,009 |
Total stock-based compensation expense |  | $ | 4,205 |  |  | $ | 4,942 |  |  | $ | 9,283 |  |  | $ | 9,602 |
Summary of Fair Value of Each Stock Option Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model | The fair value of each stock option issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected term (in years) |  | 5.50 - 6.08 |  | 6.08 |  | 5.50 - 6.08 |  | 6.02 - 6.08
Expected volatility |  | 93.70% - 93.80% |  | 96.20% - 97.80% |  | 92.30% - 93.80% |  | 95.90% - 97.80%
Risk-free interest rate |  | 4.03% - 4.15% |  | 4.22% - 4.65% |  | 4.03% - 4.49% |  | 4.22% - 4.65%
Dividend yield |  | — |  | — |  | — |  | —

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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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