v3.25.2
Stockholder's Equity (Tables)
6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Summary of Stock Option Activity

A summary of the Company’s stock option activity under the Plans is as follows (in thousands, except share and per share data):

 

 

Number of
Outstanding
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value

 

Balance at December 31, 2024

 

 

3,357,491

 

 

$

14.11

 

 

 

5.50

 

 

$

 

Cancelled

 

 

(1,131,310

)

 

 

13.98

 

 

 

 

 

 

 

Balance at June 30, 2025

 

 

2,226,181

 

 

$

14.16

 

 

 

7.63

 

 

$

 

Vested and expected to vest at June 30, 2025

 

 

2,226,181

 

 

$

14.16

 

 

 

7.63

 

 

$

 

Exercisable at June 30, 2025

 

 

1,486,615

 

 

$

13.54

 

 

 

7.47

 

 

$

 

Summary of Assumptions used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Option Grants The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

 

 

Six Months Ended
June 30,

 

2025

 

 

2024

Risk-free interest rate

 

 

 

 

3.9%–4.7%

Expected volatility

 

 

 

 

95.1%–99.1%

Expected term (in years)

 

 

 

 

5.5-6.1

Expected dividend yield

 

 

 

 

0%

Schedule of Stock-based Compensation Expense

Stock-based compensation expense has been reported in the condensed consolidated statements of operations as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

277

 

 

$

3,188

 

 

$

556

 

 

$

5,896

 

General and administrative

 

 

2,053

 

 

 

2,873

 

 

 

4,203

 

 

 

5,359

 

Total

 

$

2,330

 

 

$

6,061

 

 

$

4,759

 

 

$

11,255

 

Summary of Unvested Shares

A summary of the Company’s unvested shares is as follows:

 

 

Number of
Unvested
Shares

 

 

Weighted Average Grant-Date Fair Value

 

Balance at December 31, 2024

 

 

918,227

 

 

$

13.791

 

Shares granted

 

 

137,592

 

 

 

1.880

 

Shares forfeited

 

 

(5,020

)

 

 

15.410

 

Shares vested

 

 

(406,093

)

 

 

10.866

 

Balance at June 30, 2025

 

 

644,706

 

 

 

12.791

 

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

 

June 30,
2025

 

Common stock options outstanding

 

 

2,226,181

 

Shares available for issuance under the Plans

 

 

9,638,548

 

Shares available for issuance under the ESPP

 

 

1,666,810

 

 

 

 

13,531,539