Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Research and development expenses	$	2,190	$	2,366
General and administrative expenses	2,554		2,721
Total	$	4,744	$	5,087

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, 2026 and 2025:

	March 31, 2026		March 31, 2025
Risk‑free interest rate	3.59	%	4.05	%
Expected volatility	85	%	78	%
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, 2026:

	Number of Shares	Weighted‑ Average Exercise Price
Outstanding as of December 31, 2025	5,960,989	$	11.73
Granted	769,600	11.93
Exercised	(10,104)	9.93
Forfeited	(31,373)	14.16
Outstanding as of March 31, 2026	6,689,112	$	11.74
Exercisable as of March 31, 2026	4,711,739	$	11.64

Summary of Unvested Restricted Stock

A summary of restricted stock activity during the three months ended March 31, 2026 is as follows:

	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2025	2,284,277	$	12.76
Granted	1,070,430	$	11.93
Vested	(526,291)	$	12.74
Forfeited	(41,348)	$	12.17
Unvested as of March 31, 2026	2,787,068	$	12.45