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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense

Stock-based compensation expense related to stock options and the stock purchase plan for the years ended December 31, 2024 and 2023 was classified in the consolidated statement of operations as follows (in thousands):

 

 

 

Year Ended
December 31,

 

 

 

2024

 

 

2023

 

Research and development

 

$

4,846

 

 

$

2,876

 

General and administrative

 

 

4,703

 

 

 

2,332

 

Total stock-based compensation expense

 

$

9,549

 

 

$

5,208

 

Summary of Weighted-average for Each of The Assumptions The Company Used to Determine The Grant-date Fair Value of Options Granted

The weighted-average for each of the assumptions the Company used to determine the grant-date fair value of options granted were as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Risk free interest rate

 

 

4.03

%

 

 

3.95

%

Expected term (in years)

 

 

6.19

 

 

 

6.36

 

Expected dividend yield

 

 

0

%

 

 

0

%

Expected volatility of underlying common stock

 

 

89

%

 

 

87

%

Summary of Stock Option Activity

The following table summarizes the stock option activity:

 

 

 

Stock
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Life
(in Years)

 

 

Intrinsic
Value
(in
thousands)

 

Outstanding January 1, 2024

 

 

10,398,250

 

 

$

3.34

 

 

 

8.87

 

 

$

28,278

 

Granted

 

 

3,501,849

 

 

 

6.45

 

 

 

 

 

 

 

Exercised

 

 

(586,081

)

 

 

2.93

 

 

 

 

 

 

 

Canceled

 

 

(846,236

)

 

 

3.52

 

 

 

 

 

 

 

Outstanding December 31, 2024

 

 

12,467,782

 

 

$

4.22

 

 

 

8.29

 

 

$

3,912

 

Options vested or expected to vest as of December 31, 2024

 

 

12,467,782

 

 

$

4.22

 

 

 

8.29

 

 

$

3,912

 

Stock options exercisable as of December 31, 2024

 

 

3,463,893

 

 

$

4.20

 

 

 

7.32

 

 

$

1,116

 

Summary of Other Information Related to Option Activity

Other information related to the option activity for the years ended December 31, 2024 and 2023:

 

 

 

Year Ended
December 31,

 

 

 

2024

 

 

2023

 

Weighted-average fair value of options granted

 

$

4.90

 

 

$

2.17

 

Intrinsic value of options exercised (in thousands)

 

 

1,954

 

 

 

152