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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Research and development expenses | $ | 2,366 |  | $ | 1,613
General and administrative expenses | 2,721 |  | 2,120
Total | $ | 5,087 |  | $ | 3,733
Schedule of Assumptions Using the Black-Scholes Option-Pricing Model | The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the three months ended March 31, 2025 and 2024:
| March 31, 2025 |  | March 31, 2024
Risk‑free interest rate | 4.05 | % |  | 4.14 | %
Expected volatility | 78 | % |  | 75 | %
Expected dividend yield | — |  |  | — |
Expected term (in years) | 6.08 |  | 6.08
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity during the three months ended March 31, 2025:
| Number of Shares |  | Weighted‑ Average Exercise Price
Outstanding as of December 31, 2024 | 5,336,407 |  | $ | 11.87
Granted | 696,050 |  | 11.94
Exercised | (40,984) |  |  | 8.54
Forfeited | (38,785) |  |  | 13.54
Outstanding as of March 31, 2025 | 5,952,688 |  | $ | 11.89
Exercisable as of March 31, 2025(1) | 3,902,130 |  | $ | 11.09
(1)This represents the number of vested and unvested options exercisable as of March 31, 2025.
Summary of Unvested Restricted Stock | A summary of restricted stock activity during the three months ended March 31, 2025 is as follows:
| Shares |  | Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2024 | 1,968,374 |  | $ | 14.14
Granted | 1,053,485 |  | $ | 12.02
Vested | (325,085) |  | $ | 13.11
Forfeited | — |  | $ | —
Unvested as of March 31, 2025 | 2,696,774 |  | $ | 13.55

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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