v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Total stock-based compensation expense recognized in the condensed 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,
2025202420252024
Research and development$1,113 $698 $2,156 $1,254 
General and administrative1,3531,0912,5831,923
Total stock-based compensation expense$2,466 $1,789 $4,739 $3,177 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of stock options granted during the three and six months ended June 30, 2025 and 2024 was calculated on the date of grant using the following assumptions:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Risk-free interest rate
3.9% – 4.4%
4.2% – 4.7%
 3.9% – 4.4%
3.9% – 4.7%
Dividend yield—%—%—%—%
Volatility
80.4% – 82.6%
82.4% – 84.6%
80.4% – 82.6%
82.4% – 85.7%
Expected term (in years)
5.5 – 10.0
5.5 – 6.1
5.5 – 10.0
5.5 – 6.1
Schedule of Share-Based Payment Arrangement, Option, Activity
The following table summarizes changes in stock option activity during the six months ended June 30, 2025:
OptionsWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in years)		Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 2024
2,723,782$11.088.6$25,998
Granted1,270,602$16.78
Exercised(74,570)$8.35 
Cancelled(59,898)$17.18
Outstanding as of June 30, 2025
3,859,916$12.918.7$14,848
Exercisable as of June 30, 2025
1,189,375$10.308.1$7,329
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes changes in restricted stock unit activity during the six months ended June 30, 2025:
SharesWeighted-
Average
Grant Date Fair Value per Share
Unvested as of December 31, 2024
14,127$11.89 
Granted—$— 
Vested(2,493)$11.89 
Cancelled—$— 
Unvested as of June 30, 2025
11,634$11.89