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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Research and development |  | $ | 1,620 |  |  | $ | 2,539 |
General and administrative |  |  | 1,560 |  |  |  | 3,140 |
Total stock-based compensation |  | $ | 3,180 |  |  | $ | 5,679 |
Summary of Stock Option Activity | Stock Options A summary of stock option activity for the three months ended March 31, 2025 is set forth below:
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding, December 31, 2024 |  |  | 14,965,270 |  |  | $ | 3.09 |  |  |  | 8.1 |  |  | $ | — |
Options granted |  |  | 4,604,876 |  |  | $ | 0.89 |  |  |  |  |  |  |
Options exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Options forfeited or cancelled |  |  | (1,199,653 | ) |  | $ | 2.09 |  |  |  |  |  |  |
Outstanding, March 31, 2025 |  |  | 18,370,493 |  |  | $ | 2.60 |  |  |  | 8.4 |  |  | $ | — |
Options exercisable, March 31, 2025 |  |  | 7,601,615 |  |  | $ | 3.43 |  |  |  | 7.4 |  |  | $ | — |
Vested and expected to vest, March 31, 2025 |  |  | 18,370,493 |  |  | $ | 2.60 |  |  |  | 8.4 |  |  | $ | — |
Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model | The assumptions used in the Black-Scholes option-pricing model to calculate stock-based compensation are as follows:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Fair value of common stock |  | $0.76 - $0.90 |  | $2.35 - $3.12
Expected term (years) |  | 6.0 - 6.1 |  | 6.0 - 6.1
Volatility |  | 88.28% - 88.60% |  | 82.15% - 84.06%
Risk free rates |  | 4.03% - 4.43% |  | 3.93% - 4.27%
Dividend rate |  | 0.0% |  | 0.0%
Summary of Restricted Stock Unit Activity | The summary of RSU activity and related information for the three months ended March 31, 2025 is set forth below:
|  | Number of Units Outstanding |  |  | Weighted Average Grant Date Fair Value |
Outstanding, December 31, 2024 |  |  | 719,656 |  |  | $ | 4.40 |
RSUs granted |  |  | 552,400 |  |  | $ | 0.90 |
RSUs vested |  |  | (256,913 | ) |  | $ | 5.06 |
RSUs forfeited |  |  | (100,895 | ) |  | $ | 2.12 |
Outstanding, March 31, 2025 |  |  | 914,248 |  |  | $ | 2.32 |

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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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- 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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