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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Research and development			$	1,575					$	1,375					$	3,146					$	1,940
General and administrative			1,833						939						4,310						1,419
Total expense			$	3,408					$	2,314					$	7,456					$	3,359

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table summarizes the option activity:

Options			Number of shares						Weighted average exercise price per share						Weighted average remaining contractual term (in years)
Outstanding at December 31, 2024			1,387,556						$	28.62					7.80
Granted			832,481						$	16.77
Exercised			(8,881)						$	9.47
Expired/Forfeited			(85,658)						$	35.32
Outstanding at June 30, 2025			2,125,498						$	23.79					8.23
Exercisable at June 30, 2025			740,967						$	24.36					6.41

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option was estimated on the grant date using the weighted-average assumptions in the table below:

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Expected volatility			94.60%-96.19%						87.43%-90.84%						93.99%-96.49%						86.39%-90.84%
Risk-free interest rate			3.86%-4.05%						4.17%-4.60%						3.86%-4.42%						3.97% - 4.60%
Expected life (in years)			5.27-6.08						5.50-6.15						5.27-6.96						5.50 - 6.15
Expected dividend yield			—						—						—						—

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the six months ended June 30, 2025 is as follows:

RSUs			Number of Shares						Weighted Average Grant Date Fair Value
Unvested at December 31, 2024			222,530						$	36.06
Restricted stock units granted			135,205						$	16.14
Restricted stock units vested			(73,158)						$	36.06
Restricted stock units forfeited			(12,654)						$	31.14
Unvested at June 30, 2025			271,923						$	26.38

Schedule of Share-Based Payment Arrangement, Performance Shares, Activity

A summary of the Company’s performance stock unit (“PSU”) activity and related information for the six months ended June 30, 2025 is as follows:

PSUs			Number of Shares						Weighted Average Grant Date Fair Value
Unvested at December 31, 2024			252,124						$	36.06
Performance stock units granted			—						$	—
Performance stock units vested			—						$	—
Performance stock units forfeited			—						$	—
Unvested at June 30, 2025			252,124						$	36.06

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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