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Convertible Preferred Stock and Stockholders' Equity (Tables)

9 Months Ended

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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Convertible preferred stock and stockholders' equity.

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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 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.

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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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Tabular disclosure of the change in stock options.

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Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

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