v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Research and development expenses$2,141$2,014$4,507$3,627
General and administrative expenses2,9072,6085,6284,728
Total$5,048$4,622$10,135$8,355
Schedule of Assumptions Using the Black-Scholes Option-Pricing Model
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the six months ended June 30, 2025 and 2024:
June 30,
2025		June 30,
2024
Risk‑free interest rate4.04 %4.16 %
Expected volatility78 %75 %
Expected dividend yield— — 
Expected term (in years)6.006.00
Summary of Stock Option Activity
The following table summarizes the Company’s stock option activity during the six months ended June 30, 2025:
Number of
Shares		Weighted‑
Average
Exercise
Price
Outstanding as of December 31, 2024
5,336,407$11.87
Granted829,05011.28
Exercised(53,090)7.07
Forfeited(103,723)13.56
Outstanding as of June 30, 2025
6,008,644$11.80
Exercisable as of June 30, 2025(1)
4,175,861$11.40
(1)This represents the number of vested and unvested options exercisable as of June 30, 2025.
Summary of Unvested Restricted Stock
A summary of restricted stock activity during the six months ended June 30, 2025 is as follows:
SharesWeighted‑
Average
Grant‑Date
Fair Value
Unvested as of December 31, 2024
1,968,374$14.14
Granted1,114,355$11.82
Vested(354,248)$13.20
Forfeited(244,443)$13.70
Unvested as of June 30, 2025
2,484,038$13.40