Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option activity during the year ended December 31, 2024 (in thousands, except number of shares, exercise prices and contractual term):

	Number of shares			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		6,716,526		$	12.99		7.5	$	8,279
Granted		3,019,050			6.14
Exercised		(144,128	)		4.64
Forfeited		(522,254	)		17.96
Outstanding at December 31, 2024		9,069,194		$	10.55		7.0	$	263
Exercisable at December 31, 2024		4,899,150		$	14.01		6.0	$	108
Vested and expected to vest at    December 31, 2024		9,069,194		$	10.55		7.0	$	263

Summary of Additional Information Related to Stock Options

Additional information related to the Company’s stock options is summarized below (in thousands, except per share amounts):

	Year Ended December 31,
	2024		2023
Weighted-average grant-date fair value of stock option grants per share	$	5.02	$	3.36
Intrinsic value of options exercised	$	798	$	39

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity during the year ended December 31, 2024:

	Number of shares			Weighted-average grant date fair value per share		Weighted- average remaining contractual term (in years)
Outstanding at December 31, 2023		594,768		$	8.16		1.4
Granted		798,574			6.04
Forfeited		(59,764	)		6.80
Vested		(165,667	)		8.63
Outstanding at December 31, 2024		1,167,911		$	6.71		1.4

Summary of Common Stock Reserved For Future Issuance

As of December 31, 2024, the Company had reserved the following shares of common stock for future issuance:

	December 31, 2024
Common stock options and restricted stock units granted and outstanding		10,237,105
Reserved for future equity award grants		1,868,770
Reserved for future ESPP issuances		1,562,749
		13,668,624

Summary of Share-based Compensation Expense

Share-based compensation expense for the years ended December 31, 2024 and 2023 were as follows (in thousands):

	Year Ended December 31,
	2024		2023
Research and development	$	7,955	$	8,025
General and administrative		8,776		9,174
Total share-based compensation expense	$	16,731	$	17,199

Schedule of Fair Value of Stock Options Estimated on Date of Grant Using Quoted Market Price For Common Stock On The Applicable Grant Date And Black-Scholes Option Pricing Model

The fair value of stock options was estimated on the date of grant using the quoted market price for the Company’s common stock on the applicable grant date and the Black-Scholes option pricing model with the following range of assumptions:

	Year Ended December 31,
	2024	2023
Options
Risk-free interest rate	3.5% - 4.5%	3.5% - 4.9%
Expected volatility	100.4% - 117.3%	90.0% - 101.8%
Expected term (in years)	5.5 - 6.1	5.5 - 6.1
Expected dividend yield	—	—
ESPP
Risk-free interest rate	4.4% - 5.4%	4.7% - 5.4%
Expected volatility	83.2% - 152.7%	63.8% - 152.7%
Expected term (in years)	0.5	0.5
Expected dividend yield	—	—