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Stock-based Compensation | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | $ | 634 |  |  | $ | 2,048 |  |  | $ | 2,404 |  |  | $ | 7,081 |
General and administrative | 1,594 |  |  | 2,754 |  |  | 5,467 |  |  | 10,316 |
Total stock-based compensation expense | $ | 2,228 |  |  | $ | 4,802 |  |  | $ | 7,871 |  |  | $ | 17,397 |
Restricted Stock Unit Awards The following is a summary of restricted stock unit awards activity for the nine months ended September 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 | (436,186) |  | $ | 10.30 |
Forfeited | (1,239,630) |  | $ | 9.99 |
Unvested restricted stock unit awards as of September 30, 2025 | 652,267 |  | $ | 9.12 |
There were no restricted stock units that contained performance-based vesting provisions granted in the nine months ended September 30, 2025. There was no expense related to the vesting of performance-based restricted stock units for the three and nine months ended September 30, 2025. There was no expense related to the vesting of performance-based restricted stock units for the three months ended September 30, 2024. Expense related to the vesting of performance-based restricted stock units was $3.5 million for the nine months ended September 30, 2024. As of September 30, 2025, total unrecognized compensation expense related to unvested restricted stock unit awards was $3.2 million, which the Company expects to recognize over a remaining weighted-average period of 1.65 years. Stock Options The following is a summary of stock option activity for the nine months ended September 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 | 5,732,792 |  |  | $ | 1.74 |  |  |  |  |
Exercised | (12,130) |  |  | $ | 1.72 |  |  |  |  |
Cancelled | (4,395,961) |  |  | $ | 9.91 |  |  |  |  |
Outstanding at September 30, 2025 | 8,980,711 |  | $ | 8.81 |  |  | 7.44 |  | $ | 7,553 |
Exercisable at September 30, 2025 | 3,941,705 |  | $ | 15.73 |  |  | 5.41 |  | $ | 818 |
As of September 30, 2025, total unrecognized compensation expense related to stock options was $11.3 million, which the Company expects to recognize over a remaining weighted-average period of 2.5 years.

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