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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2025 (in thousands, except share and per share amounts):

	Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at January 1, 2025		9,711,075			$	5.04				8.2			$	44
Granted		3,104,372				0.98
Forfeited		(587,279	)			2.01
Outstanding at March 31, 2025		12,228,168			$	4.16				8.2			$	21
Options exercisable March 31, 2025		4,379,232			$	7.00				6.2			$	21

Schedule of Estimated Fair Value Assumptions

	Three Months Ended March 31,
	2025		2024
Expected volatility	93.920% - 99.910%		99.41% - 102.27%
Risk-free interest rate	3.960% - 4.450%		4.06% - 4.23%
Expected dividend yield	0.00%		0.00%
Expected term (in years)	5.00 - 6.08		5.00 - 6.08

Summary of Restricted Stock Awards and Restricted Stock Units

The following table summarizes restricted stock units activity for the three months ended March 31, 2025:

	Number of Shares				Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025		2,533,650			$	3.26
Forfeited		(80,804	)			3.18
Vested and settled		(30,892	)			3.73
Outstanding at March 31, 2025(1)		2,421,954			$	3.26

(1) Includes 361,263 RSUs which are vested but not settled at March 31, 2025.

Summary of Total Stock-based Compensation Expense

The following table summarizes the total stock-based compensation expense for the three months ended March 31, 2025 and 2024, respectively (in thousands):

		Three Months Ended March 31,
		2025				2024
General and administrative		$	2,509			$	3,642
Research and development			1,122				678
Total		$	3,631			$	4,320

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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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