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Stock Incentive Plans (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive loss, was as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Research and development | $ | 1,275 |  |  | $ | 712 |  |  |  |  |
General and administrative | 1,233 |  |  | 719 |  |  |  |  |
Total stock-based compensation expense | $ | 2,508 |  |  | $ | 1,431 |  |  |  |  |
Schedule of Weighted Average Assumptions Used | The estimated grant date fair values of stock option awards granted under the 2016 Plan and the 2018 Inducement Incentive Award Plan were calculated using the Black-Scholes option pricing model based on the following weighted-average assumptions:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Risk-free interest rate | 4.46 | % |  | 3.95 | % |  |  |  |
Dividend yield | — |  |  | — |  |  |  |  |
Expected term (in years) | 6.20 |  | 6.20 |  |  |  |
Expected volatility | 97.44 | % |  | 95.37 | % |  |  |  |
Weighted-average fair value of common stock | $ | 17.46 |  |  | $ | 19.78 |  |  |  |  |
Schedule of Options Activity | The following table summarizes the stock option activity under the 2016 Plan, the 2018 Inducement Incentive Award Plan, and the Old Cartesian Plan for options for common stock:
|  |  |  |  | Weighted-average |  |
| Number of |  |  |  | remaining |  | Aggregate
| common stock |  | Weighted-average |  | contractual term |  | intrinsic value
| options |  | exercise price ($) |  | (in years) |  | (in thousands)
Outstanding at December 31, 2024 | 1,706,035 |  |  | $ | 11.99 |  |  | 7.59 |  | $ | 12,025 |
Granted | 944,909 |  |  | $ | 17.46 |  |  |  |  |
Exercised | (55,690) |  |  | $ | 3.29 |  |  |  |  |
Forfeited | (120,231) |  |  | $ | 18.49 |  |  |  |  |
Outstanding at March 31, 2025 | 2,475,023 |  |  | $ | 13.96 |  |  | 8.17 |  | $ | 7,376 |
Vested at March 31, 2025 | 781,188 |  |  | $ | 6.23 |  |  | 5.67 |  | $ | 6,490 |
Vested and expected to vest at March 31, 2025 | 2,181,547 |  |  | $ | 13.38 |  |  | 8.00 |  | $ | 7,376 |
Schedule of Restricted Stock Units Activity | The following table summarizes the Company’s restricted stock units under the 2016 Plan and the Old Cartesian Plan:
| Number of shares |  | Weighted-average grant date fair value ($)
Unvested at December 31, 2024 | 444,238 |  |  | $ | 19.86 |
Granted | 256,790 |  |  | 16.93 |
Vested | (113,042) |  |  | 19.66 |
Forfeited | (15,381) |  |  | 17.15 |
Unvested at March 31, 2025 | 572,605 |  |  | $ | 18.63 |

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- 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
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