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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Assumptions of Grant Date Fair Value of Stock Options Granted

The assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted during the nine months ended September 30, 2025 and 2024 were as follows:

		Nine Months Ended September 30,
		2025		2024
Risk-free interest rate range		3.71% - 4.37%		3.76% - 4.57%
Dividend yield		0.00%		0.00%
Expected life of options (years)		5.5 - 6.1		5.5 - 6.1
Volatility rate range		87.51% - 90.82%		81.06% - 82.31%
Fair value of common stock range		$1.10 - $5.42		$3.54 - $9.49

Summary of Stock Option Activity

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

		Number of Shares				Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024			4,485,546			$	6.73				8.00			$	5,646
Granted			2,270,453				4.94
Exercised			(225	)			3.89
Forfeited or canceled			(800,798	)			5.77
Outstanding as of September 30, 2025			5,954,976			$	6.18				7.87			$	497
Vested and expected to vest as of September 30, 2025			5,954,976			$	6.18				7.87			$	497
Vested and exercisable as of September 30, 2025			2,741,173			$	6.51				6.70			$	405

Summary of RSU activity

RSU activity during the nine months ended September 30, 2025:

		Restricted Stock Units				Weighted-Average Grant Date Fair Value
Unvested at December 31, 2024			975,550			$	12.06
Vested			(551,977	)			12.20
Forfeited			(16,601	)			12.34
Unvested at September 30, 2025			406,972			$	11.87

Summary of Share-based Compensation Expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
General and administrative		$	2,883			$	2,878			$	8,679			$	8,333
Research and development			1,028				793				2,950				2,248
Total stock-based compensation expense		$	3,911			$	3,671			$	11,629			$	10,581

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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 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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