Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Research and development expenses	$	2,366	$	1,613
General and administrative expenses	2,721		2,120
Total	$	5,087	$	3,733

Schedule of Assumptions Using 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 during the three months ended March 31, 2025 and 2024:

	March 31, 2025		March 31, 2024
Risk‑free interest rate	4.05	%	4.14	%
Expected volatility	78	%	75	%
Expected dividend yield	—		—
Expected term (in years)	6.08		6.08

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2025:

	Number of Shares	Weighted‑ Average Exercise Price
Outstanding as of December 31, 2024	5,336,407	$	11.87
Granted	696,050	11.94
Exercised	(40,984)	8.54
Forfeited	(38,785)	13.54
Outstanding as of March 31, 2025	5,952,688	$	11.89
Exercisable as of March 31, 2025(1)	3,902,130	$	11.09

(1)This represents the number of vested and unvested options exercisable as of March 31, 2025.

Summary of Unvested Restricted Stock

A summary of restricted stock activity during the three months ended March 31, 2025 is as follows:

	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2024	1,968,374	$	14.14
Granted	1,053,485	$	12.02
Vested	(325,085)	$	13.11
Forfeited	—	$	—
Unvested as of March 31, 2025	2,696,774	$	13.55