XML 45 R32.htm IDEA: XBRL DOCUMENT v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31,
20252024
Research and development$1,570 $564 
General and administrative2,478 481 
Total expense$4,048 $1,045 
Schedule of Share-Based Payment Arrangement, Option, Activity
The following table summarizes the option activity:
OptionsNumber
of
shares		Weighted
average
exercise price
per share
Weighted
average
remaining
contractual
term
(years)
Outstanding at December 31, 20241,387,556$28.62 7.80
Granted725,191$16.20 
Exercised(1,683)$10.71 
Expired/Forfeited(24,730)$35.74 
Outstanding at March 31, 20252,086,334$24.23 8.36
Exercisable at March 31, 2025655,763$22.51 6.34
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below:
Three Months Ended
March 31,
20252024
Expected volatility
93.99%-96.49%
86.39%-87.64%
Risk-free interest rate
3.97%-4.42%
3.97%-4.32%
Expected life (in years)
5.60-6.96
5.77-6.08
Expected dividend yield— — 
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the three months ended March 31, 2025 is as follows:
RSUsNumber of SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2024222,530 $36.06 
Restricted stock units granted135,205 $16.14 
Restricted stock units vested(73,158)$36.06 
Restricted stock units forfeited(5,119)$36.06 
Unvested at March 31, 2025279,458 $26.42 
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
A summary of the Company’s performance stock unit (“PSU”) activity and related information for the three months ended March 31, 2025 is as follows:
PSUsNumber of SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2024252,124 $36.06 
Performance stock units granted— $— 
Performance stock units vested— $— 
Performance stock units forfeited— $— 
Unvested at March 31, 2025252,124 $36.06