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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