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

Stock Option Activity

 

 

 

Outstanding
Stock Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value

 

 

 

(in thousands, except per share amounts and years)

 

Outstanding as of December 31, 2024

 

 

13,927

 

 

$

9.20

 

 

 

7.8

 

 

$

44,953

 

Granted

 

 

13,162

 

 

 

1.63

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Canceled and forfeited

 

 

(3,443

)

 

 

8.44

 

 

 

 

 

 

 

Expired

 

 

(197

)

 

 

5.74

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

23,449

 

 

$

5.07

 

 

 

8.7

 

 

$

 

Exercisable as of June 30, 2025

 

 

7,218

 

 

$

7.69

 

 

 

7.4

 

 

$

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

 

 

 

Shares of
Restricted
Common
Stock

 

 

Weighted-
Average
Grant Date
Fair Value
Per Share

 

 

Shares of
Restricted
Stock
Units

 

 

Weighted-
Average Grant
Date Fair
Value Per
Share

 

 

 

(in thousands, except per share amounts)

 

Outstanding and unvested as of December 31, 2024

 

 

371

 

 

$

10.82

 

 

 

1,441

 

 

$

17.32

 

Granted

 

 

 

 

$

 

 

 

 

 

$

 

Vested

 

 

(42

)

 

$

12.49

 

 

 

(370

)

 

$

15.86

 

Forfeited and expired

 

 

 

 

$

 

 

 

 

 

$

 

Cancelled

 

 

(231

)

 

$

8.87

 

 

 

(407

)

 

$

17.37

 

Outstanding and unvested as of June 30, 2025

 

 

98

 

 

$

14.67

 

 

 

664

 

 

$

18.07

 

Summary of Stock-Based Compensation Expense Recognized

The following table summarizes total stock-based compensation included in the Company’s condensed consolidated statements of operations and comprehensive loss:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 (in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

1,672

 

 

$

7,152

 

 

$

5,420

 

 

$

9,964

 

General and administrative

 

 

5,493

 

 

 

5,616

 

 

 

11,069

 

 

 

10,177

 

Total stock-based compensation

 

$

7,165

 

 

$

12,768

 

 

$

16,489

 

 

$

20,141