Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Fair Value Assumptions

The assumptions that the Company used to determine the estimated grant-date fair value of stock options granted to employees and directors under the 2020 Plan and the 2022 Inducement Plan were as follows, presented as a weighted average:

	December 31,			December 31,
	2024			2023
Risk-free interest rate		3.91	%		3.64	%
Expected term (in years)		6.03			6.02
Expected volatility		85.00	%		86.35	%
Expected dividend yield		—			—

Schedule of Stock Option Activity

The following table summarizes the stock option activity under the 2014 Plan, the 2020 Plan and the 2022 Inducement Plan:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2023		8,670,742		$	8.52		7.60	$		61,749
Granted		3,478,850			14.21	—			—
Exercised (1)		(460,744	)		4.09	—			—
Forfeited		(335,791	)		14.17	—			—
Outstanding as of December 31, 2024		11,353,057		$	10.28		6.37	$		7,519
Options vested and exercisable as of December 31, 2024		6,376,793		$	9.41		5.05	$		5,958
Options expected to vest as of December 31, 2024		4,976,264		$	11.40		8.05	$		1,561

(1)Exercised amount includes shares returned for taxes withheld for exercise and net transactions.

Summary of Restricted Stock Awards Activity and Performance-Based Restricted Stock Unit Awards

The following table summarizes the performance-based restricted stock activity under the 2020 plan during the year ended December 31, 2024:

	Number of Shares			Grant Date Fair Value
Unvested performance-based restricted stock as of December 31, 2023		403,000		$	3.38
Granted		—
Vested		(403,000	)		3.38
Forfeited		—			—
Unvested performance-based restricted stock as of December 31, 2024		—		$	—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense related to awards granted under the 2014 Plan, the 2020 Plan, the ESPP and the 2022 Inducement Plan was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):

	Years Ended December 31,
	2024		2023
Research and development	$	16,543	$	11,769
General and administrative		6,039		5,487
Total	$	22,582	$	17,256

Unvested restricted common stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Awards Activity and Performance-Based Restricted Stock Unit Awards

The following table summarizes the restricted stock awards (the RSAs) activity under the 2014 Plan during the year ended December 31, 2024:

	Number of Shares			Grant Date Fair Value
Unvested restricted stock as of December 31, 2023		92,659		$	2.40
Granted	—
Vested		(92,659	)		2.40
Forfeited		—
Unvested restricted stock as of December 31, 2024		—		$	—