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Stock-Based Compensation (Tables)

9 Months Ended

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

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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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