Stock-based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-based Compensation Expense by Classification |
Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended
March 31, | | | | 2025 | | 2024 | | | | | | Research and development | $ | 2,388 | | | $ | 3,792 | | | | | | | General and administrative | 3,636 | | | 5,363 | | | | | | | Total stock-based compensation expense | $ | 6,024 | | | $ | 9,155 | | | | | |
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| Schedule of PSU Activity |
A summary of the Company’s PSU activity was as follows: | | | | | | | | | | | | | Performance-Based Restricted Stock Units Outstanding | | Weighted-Average
Value at Grant
Date Per Share | Unvested PSUs as of December 31, 2024(1) | 2,703,400 | | | $ | 1.88 | | PSUs granted | — | | | $ | — | | PSUs vested | — | | | $ | — | | PSUs forfeited or canceled | — | | | $ | — | | Unvested PSUs as of March 31, 2025 | 2,703,400 | | | $ | 1.88 | |
(1) PSU grants reflect the target number of shares eligible to be earned at the time of grant.
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| Schedule of RSU Activity |
A summary of the Company’s RSU activity was as follows: | | | | | | | | | | | | | Restricted Stock Units Outstanding | | Weighted-Average
Value at Grant
Date Per Share | Unvested RSUs as of December 31, 2024 | 5,623,819 | | | $ | 1.72 | | | RSUs granted | 4,642,700 | | | $ | 0.56 | | | RSUs vested | (408,119) | | | $ | 1.93 | | | RSUs forfeited or canceled | (753,004) | | | $ | 1.84 | | Unvested RSUs as of March 31, 2025 | 9,105,396 | | | $ | 1.11 | |
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| Schedule of Stock Option Activity |
A summary of the Company’s PBO activity was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of PBOs | | Weighted-
Average
Exercise Price
Per Share | | Weighted-
Average
Remaining
Contractual Life
(in years) | | Aggregate
Intrinsic
Value
(in thousands) | PBOs outstanding as of December 31, 2024 | 0 | | $ | — | | | — | | | $ | — | | Granted(1) | 2,765,000 | | $ | 0.55 | | | | | | | Exercised | — | | | $ | — | | | | | | | Canceled or forfeited | — | | | $ | — | | | | | | PBOs outstanding as of March 31, 2025 | 2,765,000 | | $ | 0.55 | | | 9.86 | | $ | — | | PBOs exercisable as of March 31, 2025 | 0 | | $ | — | | | — | | | $ | — | |
(1) PBO grants reflect the target number of options eligible to be earned at the time of grant. A summary of the Company’s stock option activity was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Stock Options | | Weighted-
Average
Exercise Price
Per Share | | Weighted-
Average
Remaining
Contractual Life
(in years) | | Aggregate
Intrinsic
Value
(in thousands) | Options outstanding as of December 31, 2024 | 44,787,083 | | $ | 2.49 | | | 6.62 | | $ | 1,479 | | | Granted | 4,875,000 | | $ | 0.56 | | | | | | | Exercised | — | | | $ | — | | | | | | | Canceled or forfeited | (2,012,790) | | | $ | 2.08 | | | | | | Options outstanding as of March 31, 2025 | 47,649,293 | | $ | 2.31 | | | 6.79 | | $ | 1,189 | | Options exercisable as of March 31, 2025 | 30,177,163 | | $ | 2.73 | | | 5.80 | | $ | 1,189 | |
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| Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted |
The fair value of stock options granted to employees and directors was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted-average assumptions: | | | | | | | | | | | | | Three Months Ended March 31, | | 2025 | | 2024 | | Risk-free interest rate | 4.39 | % | | 4.15 | % | | Expected volatility | 83.5 | % | | 75.9 | % | | Expected term (in years) | 6.08 | | 6.04 | | Expected dividend yield | 0 | % | | 0 | % |
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