Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity under our equity incentive plans for the three months ended March 31, 2025:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
						(In years)		(In thousands)
Balance outstanding as of December 31, 2024		7,707,342		$	12.19
Granted		4,004,100			9.60
Exercised		(4,000	)		8.25
Forfeited		(128,538	)		12.57
Balance outstanding as of March 31, 2025		11,578,904		$	11.29		8.3	$	5,082
Exercisable as of March 31, 2025		4,082,873		$	13.90		6.4	$	4,593

Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model

The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended March 31,
	2025	2024
Expected term (years)	5.5 - 6.1	5.5 - 6.1
Expected volatility	86.8 - 87.2%	89.4 - 90.4%
Risk-free interest rate	4.4%	3.8 - 4.1%
Expected dividend	—	—

Summary of RSU and PSU Activity

The following table summarizes RSU and PSU activity for the three months ended March 31, 2025:

	RSUs					PSUs
	Number of Shares			Weighted-Average Grant Date Fair Value per Share		Number of Shares			Weighted-Average Grant Date Fair Value per Share
Balance outstanding as of December 31, 2024		1,503,994		$	9.65		315,000		$	7.67
Granted		1,210,375			9.60		—			—
Vested		(269,691	)		11.27		(2,500	)		9.98
Forfeited		(22,854	)		10.24		(7,500	)		9.98
Balance outstanding as of March 31, 2025		2,421,824		$	9.44		305,000		$	7.59

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense for the periods indicated as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Research and development	$	3,402	$	2,315
General and administrative		3,814		2,683
Total stock-based compensation	$	7,216	$	4,998