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Stock Incentive Plans (Tables) | 6 Months Ended
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Jun. 30, 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 income (loss), was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | $ | 1,810 |  |  | $ | 776 |  |  | $ | 3,085 |  |  | $ | 1,488 |
General and administrative | 1,469 |  |  | 815 |  |  | 2,702 |  |  | 1,534 |
Total stock-based compensation expense | $ | 3,279 |  |  | $ | 1,591 |  |  | $ | 5,787 |  |  | $ | 3,022 |
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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Risk-free interest rate | 4.05 | % |  | 4.53 | % |  | 4.42 | % |  | 4.04 | %
Dividend yield | — |  |  | — |  |  | — |  |  | — |
Expected term (in years) | 6.15 |  | 6.18 |  | 6.20 |  | 6.20
Expected volatility | 95.12 | % |  | 93.57 | % |  | 97.21 | % |  | 95.09 | %
Weighted-average fair value of common stock | $ | 11.80 |  |  | $ | 22.08 |  |  | $ | 16.89 |  |  | $ | 20.14 |
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 | 1,049,959 |  |  | $ | 16.89 |  |  |  |  |
Exercised | (81,380) |  |  | $ | 3.29 |  |  |  |  |
Forfeited | (177,892) |  |  | $ | 18.41 |  |  |  |  |
Outstanding at June 30, 2025 | 2,496,722 |  |  | $ | 13.88 |  |  | 7.59 |  | $ | 5,219 |
Vested at June 30, 2025 | 837,630 |  |  | $ | 7.47 |  |  | 5.03 |  | $ | 4,638 |
Vested and expected to vest at June 30, 2025 | 2,208,574 |  |  | $ | 13.39 |  |  | 7.50 |  | $ | 5,216 |
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 | (151,316) |  |  | 19.66 |
Forfeited | (16,381) |  |  | 17.14 |
Unvested at June 30, 2025 | 533,331 |  |  | $ | 18.55 |

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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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