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Stock-based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | $ | 863 |  |  | $ | 2,125 |  |  | $ | 1,770 |  |  | $ | 5,033 |
General and administrative | 1,801 |  |  | 2,885 |  |  | 3,873 |  |  | 7,562 |
Total stock-based compensation expense | $ | 2,664 |  |  | $ | 5,010 |  |  | $ | 5,643 |  |  | $ | 12,595 |
Restricted Stock Unit Awards The following is a summary of restricted stock unit awards activity for the six months ended June 30, 2025:
| Shares |  | Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock unit awards as of December 31, 2024 | 2,326,523 |  | $ | 9.78 |
Issued | 1,560 |  | $ | 1.26 |
Vested | (371,498) |  | $ | 10.42 |
Forfeited | (1,033,046) |  | $ | 10.11 |
Unvested restricted stock unit awards as of June 30, 2025 | 923,539 |  | $ | 9.15 |
There were no restricted stock units that contained performance-based vesting provisions granted in the six months ended June 30, 2025. There was no expense related to the vesting of performance-based restricted stock units for the three and six months ended June 30, 2025 and $0.1 million and $3.5 million of expense related to the vesting of performance-based restricted stock units for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, total unrecognized compensation expense related to unvested restricted stock unit awards was $6.4 million, which the Company expects to recognize over a remaining weighted-average period of 1.99 years. Stock Options The following is a summary of stock option activity for the six months ended June 30, 2025:
| Shares |  | Weighted Average Exercise Price |  | Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2024 | 7,656,010 |  | $ | 14.70 |  |  | 7.19 |  | $ | — |
Granted | 5,581,038 |  |  | $ | 1.71 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Cancelled | (2,791,231) |  |  | $ | 11.85 |  |  |  |  |
Outstanding at June 30, 2025 | 10,445,817 |  | $ | 8.54 |  |  | 7.71 |  | $ | 2,505 |
Exercisable at June 30, 2025 | 4,026,696 |  | $ | 16.59 |  |  | 5.23 |  | $ | 120 |
As of June 30, 2025, total unrecognized compensation expense related to stock options was $15.1 million, which the Company expects to recognize over a remaining weighted-average period of 2.7 years.

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