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 for the three months ended March 31, 2025:

	Options			Weighted-Average Exercise Price
Outstanding at December 31, 2024		10,328,177		$	6.96
Granted		3,153,693		$	6.06
Exercised		(14,337	)	$	1.62
Forfeited		(8,417	)	$	9.48
Balance at March 31, 2025		13,459,116		$	6.75

Stock-Based Compensation Expense Reported in Condensed Statements of Operations

Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Research and development	$	1,647	$	1,567
General and administrative		1,892		1,617
Total	$	3,539	$	3,184