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Stock Incentive Plans (Tables)

3 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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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.

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