Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The Company recognized stock-based compensation expense in the consolidated statements of operations and comprehensive loss, by award type, as follows (in thousands):

	Year ended December 31,
	2024		2023
Stock Options	$	10,712	$	9,887
Restricted Stock Units	6,978		3,015
ESPP	225		209
Total	$	17,915	$	13,111

Stock-based compensation expense recorded as research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Year ended December 31,
	2024		2023
Research and development expenses	$	7,846	$	6,169
General and administrative expenses	10,069		6,942
Total	$	17,915	$	13,111

Schedule of Assumptions Used in the Black-Scholes Option-Pricing Model

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted for the years then ended:

	December 31, 2024	December 31, 2023
Risk‑free interest rate	4.13%	4.09%
Expected volatility	75%	72%
Expected dividend yield	—	—
Expected term (in years)	6.01	6.01

Schedule of the Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2023:

	Number of Shares	Weighted‑Average Exercise Price		Weighted‑Average Remaining Contractual Term	Aggregate Intrinsic Value(2)
				(in years)	(in thousands)
Outstanding as of December 31, 2023	5,414,360	$	11.42
Granted	699,050	14.17
Exercised	(377,669)	7.37
Forfeited	(399,334)	14.07
Outstanding as of December 31, 2024	5,336,407	$	11.87	7.04	$	31,652
Exercisable as of December 31, 2024(1)	3,664,095	$	10.80	6.46	$	25,930

(1)This represents the number of vested and unvested options exercisable as of December 31, 2024.

(2)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the closing price of the Company's common stock at December 31, 2024 for the options that were in the money as of December 31, 2024.

Schedule of Unvested Restricted Stock

A summary of restricted stock activity during the year ended December 31, 2024 is as follows:

	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2023	1,268,461	$	13.83
Issued	1,286,740	14.29
Vested	(333,537)	13.64
Forfeited	(253,290)	13.98
Unvested as of December 31, 2024	1,968,374	$	14.14