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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Stockholders' Equity | Note 7. Stockholders' Equity Common Stock The Company’s certificate of incorporation provides for 200,000,000 authorized shares of common stock, par value $0.001 per share, and 10,000,000 authorized shares of preferred stock, par value $0.001 per share. The holders of common stock are entitled to receive dividends whenever funds are legally available, when and if declared by the board of directors. As of March 31, 2025, no dividends have been declared. Each share of common stock is entitled to one vote. At March 31, 2025 and December 31, 2024, the Company had reserved common stock for future issuances as follows:
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Common stock available for future grants |  |  | 6,486,400 |  |  |  | 5,931,302 |
Common stock options issued and outstanding |  |  | 4,228,597 |  |  |  | 4,464,388 |
Restricted stock units outstanding |  |  | 6,130,658 |  |  |  | 4,341,818 |
Shares available for future purchase under employee stock purchase plan |  |  | 2,140,455 |  |  |  | 1,631,076 |
Total |  |  | 18,986,110 |  |  |  | 16,368,584 |
Common Stock Warrants On January 22, 2024, in conjunction with the funding of the Initial Loan under the Hercules Loan Agreement, the Company issued common stock warrants to the Lenders to purchase up to an aggregate of 135,686 shares of its common stock at an exercise price of $5.159 per share. On December 10, 2024, upon the funding of the Tranche I(b) Loan, the Company issued additional warrants to the Lenders to purchase 26,095 shares of its common stock at an exercise price of $3.83 per share. Each warrant is exercisable for up to seven years from the date of issuance. The warrants are classified as equity. During the year ended December 31, 2024, the fair value of the issued warrants recorded was $0.7 million, which was calculated using the Black-Scholes option-pricing model. These warrants were recorded at fair value upon their issuance in additional paid-in capital in the consolidated balance sheets. These warrants are not remeasured after their respective issuance dates. If the additional Term Loans are funded, the Company will be obligated to issue to the Lenders additional warrants to purchase common stock in an amount equal to 2.0% of the funded balance of each tranche loan, divided by the exercise price on the date the Company draws funds under such tranche loan, which is referred to as the issuance date. The exercise price will be calculated using the five-day volume-weighted average stock price as of the issuance date. The unissued warrants do not meet the requirements for classification as equity, and are recorded as liabilities in other noncurrent liabilities in the consolidated financial statements. The fair value of the unissued warrants was initially recorded upon the funding of the Hercules Loan Agreement. As of March 31, 2025 and December 31, 2024, respectively, the fair value of the unissued warrants recorded was less than $0.1 million calculated using the Black-Scholes option-pricing model. The unissued warrants are remeasured at each reporting date after the funding of the Initial Loan.

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