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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2024 Equity Incentive Plan
In October 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Plan”), which became effective in connection with the Company’s IPO. The 2024 Plan provides for the grant of stock options, stock appreciation rights, restricted and unrestricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company.
Awards granted under the 2024 Plan expire no later than ten years from the date of grant. The price of stock options shall not be less than 100% of the estimated fair value on the date of grant and typically vest over a four-year period, although awards may be granted with different vesting terms. The 2024 Plan initially reserved 2,143,039 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance by the lesser of (i) 5% of the number of shares of the Company’s common stock outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Company’s Board of Directors on or prior to such date for such year. Pursuant to the terms of the 2024 Plan, an additional 604,832 shares of common stock were added to the number of available shares, effective January 1, 2025. As of June 30, 2025, there were 1,768,326 shares of common stock reserved and available for issuance pursuant to the 2024 Plan.
2024 Employee Stock Purchase Plan
In October 2024, the Company adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective in connection with the Company’s IPO. The 2024 ESPP initially reserved 214,303 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance by the lesser of (1) 1% of the number of shares of the Company’s common stock outstanding as of the close of business on the immediately preceding December 31 and (2) the number of shares determined by the Company’s Board of Directors on or prior to such date for such year. Pursuant to the terms of the 2024 ESPP, an additional 201,610 shares of common stock were added to the number of available shares, effective January 1, 2025. As of June 30, 2025, there were 415,913 shares of common stock reserved and available for issuance pursuant to the 2024 ESPP.
The 2024 ESPP permits eligible employees to enroll in six-month offering periods. Participants may purchase shares of the Company’s common stock, through payroll deductions, at a price equal to 85% of the fair market value of the common stock on the first or last day of the applicable offering period, whichever is lower. Purchase dates under the 2024 ESPP occur on or around January 1 and July 1 each year. As of June 30, 2025, there have been no offering periods.
2016 Equity Incentive Plan
In 2016, the Company adopted the Marauder Therapeutics, Inc. 2016 Stock Option and Grant Plan (the “2016 Plan”) that provided for the grant of stock options, restricted stock units, and other stock-based awards to employees, directors, and non-employee service providers of the Company. The 2016 Plan was suspended in connection with the Company’s IPO and no further grants will be made. The 2016 Plan continues to govern the terms and conditions of outstanding awards granted under the 2016 Plan.
Stock Option Activity
The following table summarizes stock option activity for the six months ended June 30, 2025 (in thousands, except share and per share amounts):
Number of outstanding optionsWeighted
average
exercise
price		Weighted
average
remaining
contractual
term in years		Aggregate intrinsic value
Balance as of December 31, 20242,119,425$7.87 7.98$751 
Granted948,446$3.72 
Forfeited/Cancelled(72,776)$6.66 
Exercises(1)$2.12 $— 
Balance as of June 30, 20252,995,094$6.58 7.96$— 
Vested and expected to vest as of June 30, 20252,995,094$6.58 7.96$— 
Exercisable as of June 30, 20251,393,408$7.02 6.65$— 
Restricted Stock Award Activity
A summary of restricted stock award activity for the six months ended June 30, 2025 is as follows:
Number of sharesWeighted average
fair value
Unvested as of December 31, 202415,943$1.75 
Vested(15,943)$1.75 
Unvested as of June 30, 2025—$— 
All restricted common stock awards were initially issued at a price determined to be fair value on the date of grant. The Company recognizes forfeitures of restricted common stock as they occur. As of June 30, 2025, all outstanding restricted common stock awards were fully vested.
Stock-Based Compensation Expense
The following table presents the components and classification of stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Options$999 $756 $1,829 $1,581 
Restricted stock awards3 30 34 61 
Total$1,002 $786 $1,863 $1,642 
Research and development$488 $399 $963 $905 
General and administrative514 387 900 737 
Total$1,002 $786 $1,863 $1,642 
The Company has an aggregate $7.0 million of gross unrecognized stock-based compensation expense as of June 30, 2025 remaining to be recognized over a weighted average period of 6.3 years.