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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Research and development		$	1,607			$	2,671			$	3,227			$	5,211
General and administrative			1,301				3,333				2,861				6,472
Total stock-based compensation		$	2,908			$	6,004			$	6,088			$	11,683

Summary of Stock Option Activity

Stock Options

A summary of stock option activity for the six months ended June 30, 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			5,040,276			$	0.87
Options exercised			—			$	—
Options forfeited or cancelled			(1,820,726	)		$	2.21
Outstanding, June 30, 2025			18,184,820			$	2.56				8.2			$	6
Options exercisable, June 30, 2025			8,306,140			$	3.32				7.3			$	—
Vested and expected to vest, June 30, 2025			18,184,820			$	2.56				8.2			$	6

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 June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Fair value of common stock		$0.53 - $0.78		$1.21 - $1.45		$0.53 - $0.90		$1.21 - $3.12
Expected term (years)		5.5 - 6.1		5.5 - 6.1		5.5 - 6.1		5.5 - 6.1
Volatility		89.9% - 94.0%		84.1% - 85.1%		88.3% - 94.0%		82.2% - 85.1%
Risk free rates		3.8% - 4.1%		4.3% - 4.5%		3.8% - 4.4%		3.9% - 4.5%
Dividend rate		0.0%		0.0%		0.0%		0.0%

Summary of Restricted Stock Unit Activity

The summary of RSU activity and related information for the six months ended June 30, 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			619,300			$	0.88
RSUs vested			(286,413	)		$	4.69
RSUs forfeited			(150,426	)		$	1.92
Outstanding, June 30, 2025			902,117			$	2.27

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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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