Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Stock Option Activity |
Stock option activity for the six months ended June 30, 2025 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Options |
|
|
Weighted-Average Exercise Price |
|
|
Weighted- Average Remaining Contractual Term
(in years) |
|
|
Aggregate Intrinsic Value
(in thousands) |
|
Outstanding at December 31, 2024 |
|
|
6,029,631 |
|
|
$ |
14.58 |
|
|
|
8.83 |
|
|
$ |
22,452 |
|
Granted |
|
|
175,000 |
|
|
|
4.35 |
|
|
|
|
|
|
|
Exercised |
|
|
(17,478 |
) |
|
|
2.49 |
|
|
|
|
|
|
|
Cancelled and forfeited |
|
|
(2,420,823 |
) |
|
|
16.06 |
|
|
|
|
|
|
|
Outstanding at June 30, 2025 |
|
|
3,766,330 |
|
|
$ |
13.21 |
|
|
|
4.57 |
|
|
$ |
135 |
|
Vested and expected to vest, June 30, 2025 |
|
|
3,766,330 |
|
|
$ |
13.21 |
|
|
|
4.57 |
|
|
$ |
135 |
|
Exercisable at June 30, 2025 |
|
|
2,653,982 |
|
|
$ |
13.09 |
|
|
|
2.83 |
|
|
$ |
98 |
|
|
| Summary of Restricted Stock Awards Activity |
The following table summarizes the Company’s restricted stock awards activity.
|
|
|
|
|
|
|
|
|
|
|
Number of
Awards |
|
|
Weighted-Average Grant Date
Fair Value |
|
Unvested as of December 31, 2024 |
|
|
46,562 |
|
|
$ |
0.67 |
|
Vested |
|
|
(26,260 |
) |
|
|
0.67 |
|
Unvested as of June 30, 2025 |
|
|
20,302 |
|
|
$ |
0.67 |
|
|
| Summary of Restricted Stock Units Activity |
The following table summarizes the Company’s restricted stock units activity.
|
|
|
|
|
|
|
|
|
|
|
Number of
Awards |
|
|
Weighted-Average Grant Date
Fair Value |
|
Unvested as of December 31, 2024 |
|
|
14,000 |
|
|
$ |
18.27 |
|
Granted |
|
|
1,249,924 |
|
|
|
4.18 |
|
Vested |
|
|
(438,914 |
) |
|
|
4.11 |
|
Cancelled or forfeited |
|
|
(539,535 |
) |
|
|
4.21 |
|
Unvested as of June 30, 2025 |
|
|
285,475 |
|
|
$ |
4.90 |
|
|
| Summary of Stock Based Compensation Expense |
Total stock-based compensation expense recorded in the unaudited condensed statements of operations and comprehensive loss was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, |
|
|
Six months ended
June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
General and administrative |
|
$ |
3,559 |
|
|
$ |
2,601 |
|
|
$ |
8,290 |
|
|
$ |
4,841 |
|
Research and development |
|
|
1,699 |
|
|
|
1,701 |
|
|
|
3,844 |
|
|
|
3,365 |
|
Total stock-based compensation expense |
|
$ |
5,258 |
|
|
$ |
4,302 |
|
|
$ |
12,134 |
|
|
$ |
8,206 |
|
|
| Summary of Estimated Grant Date Fair Value of Awards |
The estimated grant-date fair value of awards granted was calculated based on the following assumptions:
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2025 |
|
2024 |
Expected term (in years) |
|
5.5 |
|
5.5 - 6.1 |
Expected volatility |
|
91.8% |
|
85.7% - 104.1% |
Expected dividend |
|
— |
|
— |
Risk-free interest rate |
|
4.0% |
|
4.2% - 4.7% |
|