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Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense Recognized

Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(in thousands)
Research and development			$	585					$	976					$	2,613					$	3,674
General and administrative			648						1,035						2,419						3,244
Total stock-based compensation			$	1,233					$	2,011					$	5,032					$	6,918

Schedule of Weighted -average Valuation Assumptions

The fair value of stock options granted during the three and nine months ended September 30, 2025 and 2024 was calculated on the date of grant using the following weighted-average assumptions:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Risk-free interest rate			3.9		%				4.3		%				4.4		%				4.0		%
Expected term (in years)			5.5						6.0						5.9						6.0
Expected annual dividend yield			—		%				—		%				—		%				—		%
Expected volatility			96.9		%				91.9		%				95.4		%				92.6		%

Summary of Stock Option Activity

The following table summarizes stock option activity during the nine months ended September 30, 2025: 

			Options Outstanding
			Number of Options						Weighted-Average Exercise Price per Share						Weighted-Average Remaining Contractual Life (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2024			7,634,937						$	6.24
Granted			3,390,691						$	1.49
Exercised			—						$	—
Cancelled			(834,315)						$	4.49
Outstanding at September 30, 2025			10,191,313						$	4.80					7.31						$	1.7
Exercisable at September 30, 2025			5,948,176						$	6.55					6.20						$	0.3

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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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-Topic 718
-SubTopic 10
-Section 50
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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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