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Equity Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | Stock option activity for the year ended December 31, 2024 is as follows:
|  | Options Outstanding |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Term (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance at December 31, 2023 |  |  | 11,945,032 |  |  | $ | 11.89 |  |  |  | 6.9 |  |  | $ | 454 |
Options granted |  |  | 3,632,057 |  |  |  | 1.81 |  |  |  |  |  |  |
Options exercised |  |  | (6,502 | ) |  |  | — |  |  |  |  |  |  |
Options forfeited |  |  | (2,372,355 | ) |  |  | 8.13 |  |  |  |  |  |  |
Balance at December 31, 2024 |  |  | 13,198,232 |  |  | $ | 2.86 |  |  |  | 6.3 |  |  | $ | 4,573 |
Vested and exercisable, December 31, 2024 |  |  | 7,654,143 |  |  | $ | 3.34 |  |  |  | 5.8 |  |  | $ | 2,239 |
Schedule of Stock Option Valuation Assumptions | The fair value of stock options granted to employees, directors, and non-employees that are calculated using the Black-Scholes option pricing model using the following assumptions:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  | 3.5% - 4.7% |  |  | 3.4% - 4.7% |
Expected volatility |  | 82.0% - 88.8% |  |  | 76.0% - 83.5% |
Expected term (in years) |  | 5.77 - 6.08 |  |  | 5.77 - 6.08 |
Expected dividend yield |  |  | — |  |  |  | — |
For 2024 Market Condition Options, the following assumptions were used to determine the grant date fair value:
Risk-free interest rate |  |  | 4.07 | %
Expected volatility |  |  | 84.80 | %
Expected dividend yield |  |  | — |
Strike price |  | $ | 1.77 |
Weighted-average grant date fair value |  | $ | 1.22 |
For 2023 Market Condition Options, the following assumptions were used to determine the grant date fair value:
|  | Original Assumptions |  |  | Modified Assumptions |
Risk-free interest rate |  |  | 3.94 | % |  |  | 3.89 | %
Expected volatility |  |  | 83.10 | % |  |  | 81.92 | %
Expected dividend yield |  |  | — |  |  |  | — |
Strike price |  | $ | 4.59 |  |  | $ | 2.00 |
Stock price hurdle |  | $ | 6.89 |  |  | $ | 3.00 |
Weighted-average grant date fair value |  | $ | 2.91 |  |  | $ | 1.40 |
Schedule of RSU Activity | RSU activity for the year ended December 31, 2024 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Balance at December 31, 2023 |  |  | 3,680,076 |  |  | $ | 7.49 |
Granted |  |  | 3,012,793 |  |  |  | 1.80 |
Vested |  |  | (1,078,789 | ) |  |  | 8.67 |
Forfeited |  |  | (1,163,639 | ) |  |  | 4.05 |
Balance at December 31, 2024 |  |  | 4,450,441 |  |  | $ | 4.26 |
Schedule of Employee Stock Purchase Plan Valuation Assumptions | The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model, based on the following assumptions:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  | 4.4% - 5.4% |  |  | 5.3% - 5.4% |
Expected volatility |  | 48.6% - 66.3% |  |  | 85.7% - 97.3% |
Expected term (in years) |  |  | 0.5 |  |  |  | 0.5 |
Expected dividend yield |  |  | — |  |  |  | — |
Schedule of Components of Stock-based Compensation Expensed | The following table summarizes the components of stock-based compensation recognized in the Company’s consolidated statements of operations and comprehensive loss (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Cost of revenue |  | $ | 1,594 |  |  | $ | 1,490 |
Research and development |  |  | 8,533 |  |  |  | 9,709 |
Selling, general and administrative |  |  | 18,080 |  |  |  | 23,225 |
Total stock-based compensation |  | $ | 28,207 |  |  | $ | 34,424 |

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