XML 50 R33.htm IDEA: XBRL DOCUMENT
v3.25.1

Equity Incentive Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of The Stock Option Activity | The following table summarizes the stock option activity under the 2019 Plan and 2024 Plan during the year ended December 31, 2024 (in thousands except share, contractual term and per share amounts):
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of January 1, 2024 |  |  | 1,002,485 |  |  | $ | 3.11 |  |  |  | 8.2 |  |  | $ | 2,276 |
Options granted |  |  | 982,980 |  |  |  | 18.25 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (335,894 | ) |  |  | 2.54 |  |  |  |  |  |  |  | 5,585 |
Options forfeited and expired |  |  | (115,210 | ) |  |  | 8.98 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 1,534,361 |  |  | $ | 12.49 |  |  |  | 8.5 |  |  | $ | 51,805 |
Options vested and exercisable as of December 31, 2024 |  |  | 364,472 |  |  | $ | 2.80 |  |  |  | 6.6 |  |  | $ | 15,809 |
Options vested and expected to vest as of December 31, 2024 |  |  | 1,534,361 |  |  | $ | 12.49 |  |  |  | 8.5 |  |  | $ | 51,805 |
The following table summarizes the stock option activity for the options that were assumed from AVROBIO upon the Merger closing during the year ended December 31, 2024 (in thousands except share, contractual term and per share amounts):
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Options assumed from AVROBIO upon Merger closing |  |  | 365,428 |  |  | $ | 89.92 |  |  |  | — |  |  | $ | — |
Options exercised |  |  | (52,833 | ) |  |  | 14.61 |  |  |  |  |  |  |  | 1,344 |
Options forfeited and expired |  |  | (220,115 | ) |  |  | 136.24 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 92,480 |  |  | $ | 22.69 |  |  |  | 1.1 |  |  | $ | 2,903 |
Options vested and exercisable as of December 31, 2024 |  |  | 92,480 |  |  | $ | 22.69 |  |  |  | 1.1 |  |  | $ | 2,903 |
Options vested and expected to vest as of December 31, 2024 |  |  | 92,480 |  |  | $ | 22.69 |  |  |  | 1.1 |  |  | $ | 2,903 |
Summary of Fair Values of the Options Granted | The table below discloses assumptions for the fair value of options granted:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Fair value per share of underlying common stock |  | $ | 16.09 - $51.28 |  |  | $ | 2.50 - $4.21 |
Expected term (in years) |  |  | 6.00 - 6.25 |  |  |  | 5.81 - 6.04 |
Expected volatility |  |  | 100.0% - 104.0% |  |  |  | 93.4% - 111.2% |
Risk-free interest rate |  |  | 4.10% - 4.26% |  |  |  | 3.64% - 4.90% |
Expected dividend yield |  |  | 0% |  |  |  | 0% |
Summary of Restricted Stock Activity | Activity with respect to the Company’s restricted stock units during the year ended December 31, 2024 was as follows (in thousands, except share, contractual term, and per share data):
|  | Outstanding RSUs |
|  | Number of Shares Underlying Outstanding Units |  |  | Weighted- Average Grant Date Fair Value per Unit |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of January 1, 2024 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Restricted stock units granted |  |  | 26,337 |  |  |  | 44.62 |  |  |  |  |  |  |  | — |
Restricted stock units forfeited |  |  | (725 | ) |  |  | 34.51 |  |  |  |  |  |  |  | — |
Outstanding as of December 31, 2024 |  |  | 25,612 |  |  | $ | 44.90 |  |  |  | 1.9 |  |  | $ | 1,183 |
Unvested and expected to vest as of December 31, 2024 |  |  | 25,612 |  |  | $ | 44.90 |  |  |  | 1.9 |  |  | $ | 1,183 |
The following table summarizes restricted common stock activity during the year ended December 31, 2024:
|  | Number of Shares |
Unvested restricted stock awards as of January 1, 2024 |  |  | 18,968 |
Early exercise of options |  |  | 6,859 |
Vested |  |  | (25,827 | )
Unvested restricted stock awards as of December 31, 2024 |  |  | — |
Summary of Stock Based Compensation Expense Regarding its Employees and Nonemployees | The following table is a summary of stock-based compensation expense by function recognized (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
General and administrative |  | $ | 2,309 |  |  | $ | 705 |
Research and development |  |  | 1,182 |  |  |  | 416 |
Total stock-based compensation |  | $ | 3,491 |  |  | $ | 1,121 |

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 allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + 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_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
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

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration