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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted The weighted-average assumptions used principally in determining the fair value of options granted were as follows:

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

88.9

%

 

 

81.7

%

Risk-free interest rate

 

 

4.1

%

 

 

3.8

%

Dividend yield

 

 

 

 

 

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

(in thousands)

 

2024

 

 

2023

 

2024

 

 

2023

 

Research and development

 

$

1,148

 

 

$

1,527

 

$

3,825

 

 

$

6,345

 

General and administrative

 

 

1,116

 

 

 

1,635

 

 

4,313

 

 

 

5,123

 

Total stock-based compensation expense

 

$

2,264

 

 

$

3,162

 

$

8,138

 

 

$

11,468