v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Research and development

 

$

3,986

 

 

$

3,806

 

General and administrative

 

 

3,269

 

 

 

2,913

 

Total

 

$

7,255

 

 

$

6,719

 

 
Schedule of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2025:

 

Number of
shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

(in years)

 

 

 

 

Options outstanding as of December 31, 2024

 

 

19,615,023

 

 

$

7.41

 

 

 

7.43

 

 

$

2,157,177

 

Granted

 

 

4,467,208

 

 

$

2.89

 

 

 

 

 

 

 

Exercised

 

 

(1,062

)

 

$

1.65

 

 

 

 

 

 

 

Cancelled

 

 

(269,912

)

 

$

6.35

 

 

 

 

 

 

 

Options outstanding as of March 31, 2025

 

 

23,811,257

 

 

$

6.57

 

 

 

7.61

 

 

$

—

 

Options exercisable as of March 31, 2025

 

 

12,934,117

 

 

$

6.72

 

 

 

6.58

 

 

$

—

 
Summary of Restricted Stock Unit Activity

The following table summarizes the RSU activity for the three months ended March 31, 2025:

 

 

Number of
Stock Units

 

 

Weighted Average
Grant Date Fair Value Per Share

 

Unvested and outstanding as of December 31, 2024

 

 

1,209,333

 

 

$

8.92

 

Granted

 

 

732,830

 

 

 

2.89

 

Vested

 

 

(377,485

)

 

 

8.86

 

Forfeited

 

 

(27,523

)

 

 

6.22

 

Unvested and outstanding as of March 31, 2025

 

 

1,537,155

 

 

$

6.11