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

Stock-based compensation expense is recognized in the condensed consolidated statements of operations as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Research and development

 

$

4,238

 

 

$

7,123

 

 

$

8,824

 

 

$

12,971

 

General and administrative

 

 

2,391

 

 

 

4,257

 

 

 

4,827

 

 

 

7,501

 

Total stock-based compensation expense

 

$

6,629

 

 

$

11,380

 

 

$

13,651

 

 

$

20,472

 
Schedule of Unrecognized Stock-Based Compensation Costs Related to Unvested Awards and Weighted-Average Period Over Which Costs are Expected to be Recognized

Unrecognized stock-based compensation costs related to unvested awards and the weighted-average period over which the costs are expected to be recognized as of June 30, 2025 are as follows:

 

 

 

Stock Options

 

 

RSUs

 

Unrecognized stock-based compensation expense (in thousands)

 

$

33,932

 

 

$

17,095

 

Weighted-average period costs expected to be recognized (in years)

 

 

2.4

 

 

 

2.9

 

 
Summary of Stock Option Activity

A summary of the Company’s stock option activity is as follows:

 

 

 

Stock Options
(in thousands)

 

 

Weighted-Average
Exercise Price per
Share

 

 

Weighted-Average
Remaining
Contractual Life
(in years)

 

 

Aggregate Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2024

 

 

25,062

 

 

$

7.16

 

 

 

7.4

 

 

$

271

 

Granted

 

 

5,498

 

 

 

2.59

 

 

 

 

 

 

 

Exercised

 

 

(600

)

 

 

1.87

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(4,948

)

 

 

8.75

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

25,012

 

 

$

5.99

 

 

 

7.6

 

 

$

2,728

 

Exercisable as of June 30, 2025

 

 

13,691

 

 

$

7.00

 

 

 

6.5

 

 

$

1,617

 

 
Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted

The fair value of stock options granted to employees, directors, and consultants was estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

 

 

 

Six Months Ended June 30,

Assumptions

 

2025

 

2024

Risk free interest rate

 

4.1% – 4.4%

 

3.8% – 4.7%

Expected volatility

 

75.0%

 

72.5%

Expected term (years)

 

5.43 – 6.50

 

5.50 – 6.25

Expected dividend

 

0%

 

0%
Summary of Additional Information Related to Stock Option Activity

The following table summarizes additional information related to stock option activity:

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Weighted average grant date fair value per share for options granted

 

$

1.79

 

 

$

6.19

 

Aggregate intrinsic value of stock options exercised (in thousands)

 

$

1,351

 

 

$

5,391

 
Summary of RSU Activity

A summary of the Company’s RSU activity is as follows:

 

 

 

RSUs
(in thousands)

 

 

RSUs
Weighted-Average
Grant Date Fair
Value per Share

 

 

Unvested as of December 31, 2024

 

 

3,570

 

 

$

6.72

 

 

Granted

 

 

2,072

 

 

 

2.58

 

 

Vested

 

 

(1,163

)

 

 

5.89

 

 

Forfeited

 

 

(356

)

 

 

6.88

 

 

Unvested as of June 30, 2025

 

 

4,123

 

 

$

4.86