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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Assumptions of Grant Date Fair Value of Stock Options Granted

The assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted during the years ended December 31, 2024 and 2023 were as follows:

 

 

December 31,

 

2024

 

2023

Risk-free interest rate range

 

3.76% - 4.57%

 

3.40% - 4.84%

Dividend yield

 

0.00%

 

0.00%

Expected life of options (years)

 

5.5 - 6.1

 

5.8 - 6.1

Volatility rate range

 

81.06% - 89.65%

 

81.63% - 83.55%

Fair value of common stock range

 

$3.54 - $9.49

 

$3.89 - $20.50

 

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the year ended December 31, 2024:

 

Number
of Shares

 

 

Weighted-Average
Exercise Price

 

 

Weighted-Average
Remaining
Contractual Term
(in years)

 

 

Aggregate Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2023

 

 

3,117,042

 

 

$

7.04

 

 

 

8.34

 

 

$

3,409

 

Granted

 

 

1,489,758

 

 

 

5.86

 

 

 

 

 

 

 

Exercised

 

 

(30,875

)

 

 

2.91

 

 

 

 

 

 

 

Forfeited or canceled

 

 

(90,379

)

 

 

4.04

 

 

 

 

 

 

 

Outstanding as of December 31, 2024

 

 

4,485,546

 

 

$

6.73

 

 

 

8.00

 

 

$

5,646

 

Vested and expected to vest as of December 31, 2024

 

 

4,485,546

 

 

$

6.73

 

 

 

8.00

 

 

$

5,646

 

Vested and exercisable as of December 31, 2024

 

 

1,995,597

 

 

$

6.15

 

 

 

7.22

 

 

$

4,214

 

Summary of RSU activity

The following table summarizes the Company’s RSU activity during the year ended December 31, 2024:

 

 

Restricted Stock Units

 

 

Weighted-Average
Grant Date Fair Value

 

Unvested at December 31, 2023

 

 

1,759,918

 

 

$

12.09

 

Vested

 

 

(784,143

)

 

 

12.13

 

Forfeited

 

 

(225

)

 

 

3.89

 

Unvested at December 31, 2024

 

 

975,550

 

 

$

12.06

 

Summary of Share-based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023 is as follows (in thousands):

 

Year Ended December 31,

 

 

2024

 

 

2023

 

General and administrative

 

$

11,206

 

 

$

9,089

 

Research and development

 

 

3,082

 

 

 

2,529

 

Total stock-based compensation expense

 

$

14,288

 

 

$

11,618