XML 30 R24.htm IDEA: XBRL DOCUMENT
v3.25.3

Equity Incentive Plans (Tables) | 9 Months Ended
--- | ---
Sep. 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 |  |  | $ | 4,059 |
Stock options granted |  |  | 6,219,513 |  |  | $ | 2.55 |  |  |  |  |  |  |
Stock options exercised |  |  | (44,402 | ) |  | $ | 1.47 |  |  |  |  |  |  |
Stock options forfeited |  |  | (1,388,077 | ) |  | $ | 5.79 |  |  |  |  |  |  |
Balances as of September 30, 2025 |  |  | 19,381,754 |  |  | $ | 6.64 |  |  |  | 7.72 |  |  | $ | 3,356 |
Vested and Exercisable as of September 30, 2025 |  |  | 9,350,620 |  |  | $ | 9.50 |  |  |  | 6.34 |  |  | $ | 538 |
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 |  |  | (342,922 | ) |  |  | 5.35 |
Cancelled |  |  | (191,085 | ) |  |  | 3.08 |
Unvested as of September 30, 2025 |  |  | 1,308,942 |  |  | $ | 3.30 |
Summary of Stock-Based Compensation Expense | The total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 2,380 |  |  | $ | 2,325 |  |  | $ | 7,897 |  |  | $ | 6,918 |
General and administrative |  |  | 1,455 |  |  |  | 2,284 |  |  |  | 5,221 |  |  |  | 7,293 |
Total stock-based compensation expense |  | $ | 3,835 |  |  | $ | 4,609 |  |  | $ | 13,118 |  |  | $ | 14,211 |
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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected term (in years) |  | 6.08 |  | 6.02 - 6.08 |  | 5.50 - 6.08 |  | 6.02 - 6.08
Expected volatility |  | 93.30% |  | 96.80% - 97.60% |  | 92.30% - 93.80% |  | 95.90% - 97.80%
Risk-free interest rate |  | 3.95% |  | 3.48% - 4.15% |  | 3.95% - 4.49% |  | 3.48% - 4.65%
Dividend yield |  | — |  | — |  | — |  | —

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + 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)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration