v3.25.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Option, Activity
The following table summarizes the Company’s stock option activity for the six months ended June 30, 2025:
Number of SharesWeighted-Average Exercise Price
Outstanding at December 31, 202411,410,691 $9.08 
Granted7,531,444 1.94 
Exercised— — 
Cancelled or forfeited(2,102,462)7.04 
Outstanding at June 30, 202516,839,673 $6.14 
Options vested and exercisable at June 30, 20257,106,428 $8.45 
Options vested and expected to vest at June 30, 202516,839,673 $6.14 
The following table summarizes the Company’s performance-based stock option activity for the six months ended June 30, 2025:
Number of SharesWeighted-Average
Grant Date Fair
Value
Outstanding at December 31, 20241,061,730 $7.31 
Granted700,000 1.34 
Exercised— — 
Cancelled or forfeited— — 
Outstanding at June 30, 20251,761,730 $4.94 
Vested and exercisable at June 30, 2025845,646 $6.87 
Schedule of Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option The following table summarizes the Company’s performance-based restricted common stock activity for the six months ended June 30, 2025:
Number of SharesWeighted-Average Grant-Date Fair Value
Outstanding at December 31, 20243,472,546 $0.06 
Issued— — 
Vested— — 
Repurchased— — 
Outstanding at June 30, 20253,472,546 $0.06 
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The following table below summarizes the classification of the Company’s stock-based compensation expense related to stock options and restricted common stock awards in the condensed consolidated statements of operations and comprehensive loss:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2025202420252024
Stock-based compensation expense:
Research and development$3,218 $4,221 $6,074 $6,946 
General and administrative3,107 3,870 5,932 6,354 
Total stock-based compensation expense$6,325 $8,091 $12,006 $13,300