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Convertible Preferred Stock and Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
Convertible Preferred Stock And Stockholders Equity Disclosure [Abstract] |
Summary of stock option activity and related information under all equity plans | The following table summarizes stock option activity and related information under all equity plans for the period ended September 30, 2025:
|  | Number of Options |  |  | Weighted- Average Price |
Balance at December 31, 2024 |  |  | 10,722,674 |  |  | $ | 10.99 |
Granted |  |  | 3,690,400 |  |  |  | 1.29 |
Exercised |  |  | (832 | ) |  |  | 1.32 |
Cancelled |  |  | (1,814,843 | ) |  |  | 7.45 |
Balance at September 30, 2025 |  |  | 12,597,399 |  |  | $ | 8.66 |
Summary of restricted stock unit activity under the Plan | Restricted stock unit activity under all equity and stock option plans is summarized as follows:
|  | Number of Restricted Stock Units |  |  | Weighted- Average Grant Date Fair Value per Share |
Balance at December 31, 2024 |  |  | 6,214,064 |  |  | $ | 15.50 |
Granted |  |  | 3,395,020 |  |  |  | 1.20 |
Vested |  |  | (1,407,586 | ) |  |  | 15.79 |
Cancelled |  |  | (1,554,405 | ) |  |  | 7.59 |
Balance at September 30, 2025 |  |  | 6,647,093 |  |  | $ | 9.98 |
Schedule of allocation of stock-based compensation for all stock awards | The allocation of stock-based compensation for all stock awards is as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 2,448 |  |  | $ | 5,295 |  |  | $ | 10,146 |  |  | $ | 16,248 |
General and administrative |  |  | 2,413 |  |  |  | 6,470 |  |  |  | 9,250 |  |  |  | 16,128 |
Total |  | $ | 4,861 |  |  | $ | 11,765 |  |  | $ | 19,396 |  |  | $ | 32,376 |
Schedule of weighted-average assumptions used to determine the fair value of employee and nonemployee stock option grants | The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Risk-free interest rate |  |  | 4.4 | % |  |  | 3.9 | %
Expected volatility |  |  | 90.4 | % |  |  | 87.1 | %
Expected term (in years) |  |  | 6.2 |  |  |  | 6.4 |
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Summary of changes in stockholders' equity | The following table summarizes the Company’s changes in stockholders’ equity accounts for the three and nine months ended September 30, 2025 (in thousands, except share data):
| Convertible Preferred Stock |  |  | Common Stock |  |  | Additional Paid-in |  |  | Accumulated Other Comprehensive |  |  | Accumulated |  |  | Total Stockholders' |
| Shares |  |  | Amount |  |  | Shares |  |  | Amount |  |  | Capital |  |  | Gain (Loss) |  |  | Deficit |  |  | Equity |
Balance at December 31, 2024 |  | 2,755,086 |  |  | $ | 3 |  |  |  | 113,928,279 |  |  | $ | 114 |  |  | $ | 1,716,335 |  |  | $ | 268 |  |  | $ | (1,397,994 | ) |  | $ | 318,726 |
Issuance of common stock upon vesting of restricted stock units |  | — |  |  |  | — |  |  |  | 675,631 |  |  |  | 1 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,381 |  |  |  | — |  |  |  | — |  |  |  | 7,381 |
Unrealized loss on investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (77 | ) |  |  | — |  |  |  | (77 | )
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (37,621 | ) |  |  | (37,621 | )
Balance at March 31, 2025 |  | 2,755,086 |  |  | $ | 3 |  |  |  | 114,603,910 |  |  | $ | 115 |  |  | $ | 1,723,715 |  |  | $ | 191 |  |  | $ | (1,435,615 | ) |  | $ | 288,409 |
Exercise of stock options, net of issuance costs |  | — |  |  |  | — |  |  |  | 832 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 832 |
Issuance of common stock upon vesting of restricted stock units |  | — |  |  |  | — |  |  |  | 50,325 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 50,325 |
Stock-based compensation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,154 |  |  |  | — |  |  |  | — |  |  |  | 7,154 |
Unrealized loss on investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (129 | ) |  |  | — |  |  |  | (129 | )
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (34,070 | ) |  |  | (34,070 | )
Balance at June 30, 2025 |  | 2,755,086 |  |  | $ | 3 |  |  |  | 114,655,067 |  |  | $ | 115 |  |  | $ | 1,730,869 |  |  | $ | 62 |  |  | $ | (1,469,685 | ) |  | $ | 261,364 |
Issuance of common stock upon vesting of restricted stock units |  | — |  |  |  | — |  |  |  | 681,630 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 681,630 |
Stock-based compensation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,861 |  |  |  | — |  |  |  | — |  |  |  | 4,861 |
Unrealized gain on investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 91 |  |  |  | — |  |  |  | 91 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (32,250 | ) |  |  | (32,250 | )
Balance at September 30, 2025 |  | 2,755,086 |  |  | $ | 3 |  |  |  | 115,336,697 |  |  | $ | 115 |  |  | $ | 1,735,730 |  |  | $ | 153 |  |  | $ | (1,501,935 | ) |  | $ | 234,066 |
The following table summarizes the Company’s changes in stockholders’ equity accounts for the three and nine months ended September 30, 2024 (in thousands, except share data):
| Convertible Preferred Stock |  |  | Common Stock |  |  | Additional Paid-in |  |  | Accumulated Other Comprehensive |  |  | Accumulated |  |  | Total Stockholders' |
| Shares |  |  | Amount |  |  | Shares |  |  | Amount |  |  | Capital |  |  | Gain (Loss) |  |  | Deficit |  |  | Equity |
Balance at December 31, 2023 |  | 2,761,108 |  |  | $ | 3 |  |  |  | 98,627,076 |  |  | $ | 99 |  |  | $ | 1,580,032 |  |  | $ | 15 |  |  | $ | (1,211,732 | ) |  | $ | 368,417 |
Exercise of stock options, net of issuance costs |  | — |  |  |  | — |  |  |  | 45,438 |  |  |  | — |  |  |  | 299 |  |  |  | — |  |  |  | — |  |  |  | 299 |
Issuance of common stock upon vesting of restricted stock units |  | — |  |  |  | — |  |  |  | 580,974 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,981 |  |  |  | — |  |  |  | — |  |  |  | 10,981 |
Public offering of common stock, net of issuance costs |  | — |  |  |  | — |  |  |  | 14,545,454 |  |  |  | 15 |  |  |  | 74,620 |  |  |  | — |  |  |  | — |  |  |  | 74,635 |
Private placement of pre-funded warrants, net of issuance costs |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,996 |  |  |  | — |  |  |  | — |  |  |  | 19,996 |
Unrealized loss on investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (209 | ) |  |  | — |  |  |  | (209 | )
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (48,004 | ) |  |  | (48,004 | )
Balance at March 31, 2024 |  | 2,761,108 |  |  | $ | 3 |  |  |  | 113,798,942 |  |  | $ | 114 |  |  | $ | 1,685,928 |  |  | $ | (194 | ) |  | $ | (1,259,736 | ) |  | $ | 426,115 |
Exercise of stock options, net of issuance costs |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | (4 | )
Issuance of common stock upon vesting of restricted stock units |  | — |  |  |  | — |  |  |  | 50,615 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,630 |  |  |  | — |  |  |  | — |  |  |  | 9,630 |
Public offering of common stock, net of issuance costs |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (104 | ) |  |  | — |  |  |  | — |  |  |  | (104 | )
Unrealized loss on investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (228 | ) |  |  | — |  |  |  | (228 | )
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (38,427 | ) |  |  | (38,427 | )
Balance at June 30, 2024 |  | 2,761,108 |  |  | $ | 3 |  |  |  | 113,849,557 |  |  | $ | 114 |  |  | $ | 1,695,450 |  |  | $ | (422 | ) |  | $ | (1,298,163 | ) |  | $ | 396,982 |
Issuance of common stock upon vesting of restricted stock units |  | — |  |  |  | — |  |  |  | 35,327 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,765 |  |  |  | — |  |  |  | — |  |  |  | 11,765 |
Unrealized gain on investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,257 |  |  |  | — |  |  |  | 1,257 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (47,678 | ) |  |  | (47,678 | )
Balance at September 30, 2024 |  | 2,761,108 |  |  | $ | 3 |  |  |  | 113,884,884 |  |  | $ | 114 |  |  | $ | 1,707,215 |  |  | $ | 835 |  |  | $ | (1,345,841 | ) |  | $ | 362,326 |

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- Definition 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. + 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 + Details
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