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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. 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
September 30,		Nine Months Ended
September 30,
2025202420252024
Research and development$1,667 $1,272 $4,814 $3,212 
General and administrative1,698 1,202 6,007 2,621 
Total expense$3,365 $2,474 $10,821 $5,833 
The following table summarizes the option activity:
OptionsNumber
of
shares		Weighted
average
exercise price
per share
Weighted
average
remaining
contractual
term (in years)
Outstanding at December 31, 20241,387,556$28.62 7.80
Granted911,291$17.09 
Exercised(14,902)$11.62 
Expired/Forfeited(171,554)$32.53 
Outstanding at September 30, 20252,112,391$23.45 8.03
Exercisable at September 30, 2025795,976$24.41 6.39
As of September 30, 2025, the aggregate intrinsic value of outstanding options and exercisable options was approximately $2.9 million and $2.0 million, respectively. The aggregate intrinsic value of options exercised was $0.1 million for the nine months ended September 30, 2025.
The weighted-average grant date fair value of options granted was $13.43 and $26.52 per share for the nine months ended September 30, 2025 and 2024, respectively. The Company recorded stock-based compensation related to stock options of approximately $2.2 million and $1.8 million for the three months ended September 30, 2025 and 2024, respectively. The Company recorded stock-based compensation related to stock options of approximately $6.3 million and $4.3 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the total unrecognized compensation expense related to unvested stock option awards was approximately $21.3 million, which the Company expects to recognize over a weighted-average period of 2.72 years.
The fair value of each option was estimated on the grant date using the weighted-average assumptions in the table below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Expected volatility
95.53%-96.03%
90.85%-92.31%
93.99%-96.49%
86.39%-92.31%
Risk-free interest rate
3.77%-3.99%
3.43%-4.40%
3.77%-4.42%
3.43% - 4.60%
Expected life (in years)
6.03-6.07
5.95-6.12
5.27-6.96
5.50 - 6.15
Expected dividend yield— — — — 
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the nine months ended September 30, 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(26,780)$30.49 
Unvested at September 30, 2025257,797 $26.19 
The Company recorded stock-based compensation expense related to RSUs of approximately $0.7 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively. The Company recorded stock-based compensation related to RSUs of approximately $2.1 million and $1.5 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there was approximately $5.1 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 1.79 years.
A summary of the Company’s performance stock unit (“PSU”) activity and related information for the nine months ended September 30, 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 September 30, 2025252,124 $36.06 
The PSUs were granted with vesting in two equal tranches based on certain performance conditions. Each PSU entitles the holder to receive one share of the Company's common stock when the PSU vests. Stock-based compensation expense for PSUs will be recognized when it is probable that the performance conditions will be achieved. As of September 30, 2025, the performance conditions underlying the first tranche of 126,062 PSUs were achieved for the first milestone and are currently considered probable to vest. The Company recorded stock-based compensation expense related to PSUs of approximately $0.4 million and $2.4 million for the three and nine months ended September 30, 2025, respectively. As of September 30, 2025, the second tranche of 126,062 PSUs were not deemed probable of achievement and are not currently considered probable to vest. As of September 30, 2025, there was approximately $6.7 million of unrecognized compensation cost related to PSUs.