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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to stock options and the stock purchase plan for the years ended December 31, 2024 and 2023 was classified in the consolidated statement of operations as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 4,846 |  |  | $ | 2,876 |
General and administrative |  |  | 4,703 |  |  |  | 2,332 |
Total stock-based compensation expense |  | $ | 9,549 |  |  | $ | 5,208 |
Summary of Weighted-average for Each of The Assumptions The Company Used to Determine The Grant-date Fair Value of Options Granted | The weighted-average for each of the assumptions the Company used to determine the grant-date fair value of options granted were as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Risk free interest rate |  |  | 4.03 | % |  |  | 3.95 | %
Expected term (in years) |  |  | 6.19 |  |  |  | 6.36 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected volatility of underlying common stock |  |  | 89 | % |  |  | 87 | %
Summary of Stock Option Activity | The following table summarizes the stock option a ctivity:
|  | Stock Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life (in Years) |  |  | Intrinsic Value (in thousands) |
Outstanding January 1, 2024 |  |  | 10,398,250 |  |  | $ | 3.34 |  |  |  | 8.87 |  |  | $ | 28,278 |
Granted |  |  | 3,501,849 |  |  |  | 6.45 |  |  |  |  |  |  |
Exercised |  |  | (586,081 | ) |  |  | 2.93 |  |  |  |  |  |  |
Canceled |  |  | (846,236 | ) |  |  | 3.52 |  |  |  |  |  |  |
Outstanding December 31, 2024 |  |  | 12,467,782 |  |  | $ | 4.22 |  |  |  | 8.29 |  |  | $ | 3,912 |
Options vested or expected to vest as of December 31, 2024 |  |  | 12,467,782 |  |  | $ | 4.22 |  |  |  | 8.29 |  |  | $ | 3,912 |
Stock options exercisable as of December 31, 2024 |  |  | 3,463,893 |  |  | $ | 4.20 |  |  |  | 7.32 |  |  | $ | 1,116 |
Summary of Other Information Related to Option Activity | Other information related to the option activity for the years ended December 31, 2024 and 2023:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average fair value of options granted |  | $ | 4.90 |  |  | $ | 2.17 |
Intrinsic value of options exercised (in thousands) |  |  | 1,954 |  |  |  | 152 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + 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)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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