v3.25.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Total stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024 was as follows (in thousands):
Three Months Ended
March 31,
20252024
Research and development$1,043 $556 
General and administrative1,230832
Total stock-based compensation expense$2,273 $1,388 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of stock options granted during the three months ended March 31, 2025 and 2024 was calculated on the date of grant using the following assumptions:
Three Months Ended
March 31,
20252024
Risk-free interest rate
4.0% – 4.4%
3.9% – 4.3%
Dividend yield—%—%
Volatility
80.5% – 81.1%
83.5% – 85.7%
Expected term (in years)
6.0 - 6.1
 6.1
Share-Based Payment Arrangement, Option, Activity
The following table summarizes changes in stock option activity during the three months ended March 31, 2025:
OptionsWeighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 2024
2,723,782$11.088.6$25,998
Granted1,077,952$16.60
Exercised(68,027)$8.36 
Cancelled(23,411)$13.34
Outstanding as of March 31, 2025
3,710,296$12.728.9$12,896
Exercisable as of March 31, 2025
944,216$9.738.3$5,610
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes changes in restricted stock unit activity during the three months ended March 31, 2025:
SharesWeighted-
Average
Grant Date Fair Value per Share
Unvested as of December 31, 2024
14,127$11.89 
Granted$— 
Vested(1,247)$11.89 
Cancelled$— 
Unvested as of March 31, 2025
12,880$11.89