v3.25.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense

Stock-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

2,316

 

 

$

2,478

 

 

$

4,837

 

 

$

4,280

 

General and administrative

 

 

3,564

 

 

 

5,584

 

 

 

7,679

 

 

 

11,045

 

Total stock-based compensation expense

 

$

5,880

 

 

$

8,062

 

 

$

12,516

 

 

$

15,325

 

 

Summary of Stock Options Activity

The following table summarizes stock option activity for the six months ended June 30, 2025:

 

 

 

Stock Options

 

 

 

Shares

 

 

Weighted
average
exercise
price

 

 

Weighted
average
remaining
contractual
life (in
years)

 

 

Aggregate
intrinsic
value (in
thousands)

 

Outstanding as of December 31, 2024

 

 

9,784,580

 

 

$

16.39

 

 

 

7.0

 

 

 

 

Granted

 

 

1,658,550

 

 

 

7.05

 

 

 

 

 

 

 

Forfeited

 

 

(276,390

)

 

 

15.23

 

 

 

 

 

 

 

Exercised

 

 

(805,542

)

 

 

5.25

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

10,361,198

 

 

$

15.79

 

 

 

6.6

 

 

$

12,267

 

Exercisable at June 30, 2025

 

 

5,993,090

 

 

$

18.40

 

 

 

5.6

 

 

$

7,564

 

 

Schedule of Fair Value Assumptions for Stock Options Granted

The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

3.92%

 

 

4.34% - 4.64%

 

 

3.92% - 4.40%

 

 

3.82% - 4.64%

 

Expected term (in years)

 

 

6

 

 

5.5-6

 

 

 

6

 

 

5.5 - 6

 

Expected volatility

 

76.0%

 

 

82%-84%

 

 

76% - 76.6%

 

 

82%-84%

 

Expected dividend yield

 

 

0

%

 

0%

 

 

 

0

%

 

0%

 

Estimated fair value of common stock

 

$7.50

 

 

$11.78 - $16.32

 

 

$6.99 - $7.50

 

 

$10.21 - $16.32

 

ESPP Awards:

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

4.31

%

 

 

5.39

%

 

 

4.31

%

 

 

5.39

%

Expected term (in years)

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

Expected volatility

 

 

64

%

 

 

80

%

 

 

64

%

 

 

80

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Estimated fair value of common stock

 

$10.01

 

 

$16.98

 

 

$10.01

 

 

$16.98

 

Schedule of Restricted Stock Unit Activity The following table summarizes the Company’s restricted stock unit activity:

 

 

 

Shares

 

 

Weighted
average
grant date
fair value

 

Unvested as of December 31, 2024

 

 

862,305

 

 

$

11.19

 

Issued

 

 

585,884

 

 

 

7.05

 

Vested

 

 

(140,061

)

 

 

15.97

 

Cancelled

 

 

(62,598

)

 

 

9.09

 

Unvested as of June 30, 2025

 

 

1,245,530

 

 

$

8.81