v3.25.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Combined Stock Option Activity under 2018 Plan and 2021 Plan

The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the six months ended June 30, 2025:

 

Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(years)

 

 

Aggregate Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2024

 

 

5,522,353

 

 

$

8.17

 

 

 

6.91

 

 

$

8,068

 

Granted

 

 

1,426,590

 

 

 

7.25

 

 

 

 

 

 

 

Exercised

 

 

(11,372

)

 

 

5.04

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(76,824

)

 

 

8.29

 

 

 

 

 

 

 

Outstanding at June 30, 2025

 

 

6,860,747

 

 

$

7.98

 

 

 

7.10

 

 

$

3,451

 

Exercisable at June 30, 2025

 

 

3,940,802

 

 

$

7.87

 

 

 

5.67

 

 

$

3,393

 

 

Schedule of Fair Value of Stock Options, Valuation Assumptions

The fair value of the stock options granted for the three and six months ended June 30, 2025 and 2024 was measured with the following weighted-average assumptions:

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.09

%

 

 

4.37

%

 

 

4.31

%

 

 

3.93

%

Expected term (years)

 

 

6.00

 

 

 

5.97

 

 

 

6.04

 

 

 

6.04

 

Expected volatility of the underlying stock

 

 

90.80

%

 

 

89.10

%

 

 

90.87

%

 

 

88.59

%

Expected dividend rate

 

 

%

 

 

%

 

 

%

 

 

%

 

Schedule of Nonvested Restricted Stock Units Activity

A summary of the restricted stock units activity during the six months ended June 30, 2025 is as follows:

 

Restricted Stock Units

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

1,589,042

 

 

$

8.76

 

Granted

 

 

1,619,482

 

 

 

7.43

 

Vested/Released

 

 

(320,519

)

 

 

8.42

 

Forfeited

 

 

(63,766

)

 

 

8.24

 

Unvested at June 30, 2025

 

 

2,824,239

 

 

$

8.05

 

 

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows (in thousands):

 

Three Months Ended
June 30,

 

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

 

2025

 

 

2024

 

Research and development

 

$

2,069

 

 

$

1,541

 

 

 

$

3,984

 

 

$

3,019

 

General and administrative

 

 

1,764

 

 

 

1,585

 

 

 

 

3,363

 

 

 

3,016

 

Total

 

$

3,833

 

 

$

3,126

 

 

 

$

7,347

 

 

$

6,035