v3.25.2
Equity Incentive Plans and Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Significant Assumptions The significant assumptions used in these calculations are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Expected term (in years)
5.3 - 6.0
5.3 - 6.0
5.3 - 6.0
5.3 - 6.0
Expected volatility
97.5% - 103.0%
99.7% - 101.1%
97.5% - 103.0%
99.7% - 101.1%
Expected dividend rate0.0 %0.0 %0.0 %0.0 %
Risk free interest rate
3.90% - 4.04%
4.17% - 4.60%
3.90% - 4.04%
4.01% - 4.60%
Schedule of Option Award Activity
The following table summarizes option award activity during the six months ended June 30, 2025:
Number of Stock Option AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024
16,634,775 $3.57 
Granted3,493,350 $0.99 
Exercised(60,433)$0.44 
Forfeited(1,071,442)$2.71 
Outstanding as of June 30, 2025
18,996,250 $3.16 7.4$330 
Options vested and expected to vest as of June 30, 2025
18,996,250 $3.16 
Vested and exercisable at June 30, 2025
11,777,364 $3.91 6.4$310 
Schedule of Stock-Based Compensation Expense
The following sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statement of operations:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Research and development$686 $1,146 $1,454 $2,242 
General and administrative1,023 2,133 2,423 4,151 
Total stock-based compensation expense$1,709 $3,279 $3,877 $6,393