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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Weighted Average Fair Values and Valuation Assumptions | The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted:
|  | Three Months Ended September 30, |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Expected term (in years) |  |  | 5.9 |  |  |  | 6.1 |  |  |  | 5.8 |  |  |  | 5.9 |
Expected volatility |  |  | 61.7 | % |  |  | 61.8 | % |  |  | 61.1 | % |  |  | 62.5 | %
Risk-free interest rate |  |  | 3.8 | % |  |  | 4.1 | % |  |  | 4.3 | % |  |  | 4.1 | %
Expected dividend yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity since December 31, 2024:
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Outstanding at December 31, 2024 |  |  | 14,987,559 |  |  | $ | 4.51 |  |  |  | 7.5 |  |  | $ | — |
Granted |  |  | 11,191,844 |  |  | $ | 1.46 |  |  |  |  |  |  |
Exercised |  |  | (123,111 | ) |  | $ | 0.85 |  |  |  |  |  |  |
Forfeited |  |  | (4,739,390 | ) |  | $ | 4.14 |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 21,316,902 |  |  | $ | 3.01 |  |  |  | 8.3 |  |  | $ | 823 |
Vested and expected to vest at September 30, 2025 |  |  | 21,316,902 |  |  | $ | 3.01 |  |  |  | 8.3 |  |  | $ | 823 |
Options exercisable at September 30, 2025 |  |  | 8,838,857 |  |  | $ | 4.75 |  |  |  | 7.3 |  |  | $ | 59 |
Summary of Restricted Stock Unit Activity | The following table summarizes the Company’s RSU activity since December 31, 2024:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2024 |  |  | — |  |  | $ | — |
Granted |  |  | 2,100,000 |  |  | $ | 1.52 |
Vested |  |  | (561,000 | ) |  | $ | 1.61 |
Forfeited |  |  | — |  |  | $ | — |
Outstanding at September 30, 2025 |  |  | 1,539,000 |  |  | $ | 1.49 |
Summary of Share Based Compensation Expense Recognized | The Company recorded stock-based compensation expense (service-based stock options, RSUs, and the Company’s employee stock purchase plan) in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):
|  | Three Months Ended September 30, |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 822 |  |  | $ | 932 |  |  | $ | 2,440 |  |  | $ | 3,497 |
Selling, general and administrative |  |  | 2,251 |  |  |  | 1,934 |  |  |  | 6,639 |  |  |  | 13,234 |
|  | $ | 3,073 |  |  | $ | 2,866 |  |  | $ | 9,079 |  |  | $ | 16,731 |

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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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