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

Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024 was as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

791

 

 

$

334

 

 

$

1,421

 

 

$

613

 

General and administrative

 

 

1,207

 

 

 

633

 

 

 

2,338

 

 

 

1,219

 

Total stock-based compensation expense

 

$

1,998

 

 

$

967

 

 

$

3,759

 

 

$

1,832

 

Summary of Stock Option Weighted-Average Assumptions

The fair value of stock options granted during the six months ended June 30, 2025 and 2024 was calculated on the date of grant using the following weighted-average assumptions:

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.3

%

 

 

4.3

%

Expected dividend yield

 

 

%

 

 

%

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

73.6

%

 

 

74.6

%

 

Summary of Stock Option Activity

The following table summarizes changes in stock option activity during the six months ended June 30, 2025 (in thousands, except per share amounts):

 

 

Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2024

 

 

1,248,288

 

 

$

25.42

 

 

 

8.0

 

 

$

21,313

 

Granted

 

 

670,265

 

 

$

28.66

 

 

 

 

 

 

 

Exercised

 

 

(13,583

)

 

$

13.03

 

 

 

 

 

 

 

Forfeited

 

 

(115,741

)

 

$

29.26

 

 

 

 

 

 

 

Cancelled

 

 

(6,998

)

 

$

21.08

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

1,782,231

 

 

$

26.50

 

 

 

8.2

 

 

$

208

 

Exercisable at June 30, 2025

 

 

689,806

 

 

$

24.94

 

 

 

6.7

 

 

$

208