Convertible Preferred Stock and Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2025

Temporary Equity And Permanent Equity [Abstract]

Summary of common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following:

	AS OF
	MARCH 31, 2025		DECEMBER 31, 2024
Common stock options granted and outstanding		2,264,064		2,216,215
Restricted stock units granted and outstanding		1,468,948		529,359
Shares available for issuance under the 2024 and 2020 equity incentive plans, respectively		1,998,662		1,820,868
Shares available for issuance under the ESPP Plan		432,752		212,000
Shares available for issuance under the Pledge 1% commitment		84,556		84,556
Total common stock reserved for future issuance		6,248,982		4,862,998

Summary of company's stock option activity under the plan

A summary of the Company’s stock option activity under the 2020 Plan and 2024 Plan is as follows:

	TOTAL OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM		AGGREGATE INTRINSIC VALUE
						(in years)		(in thousands)
Outstanding at December 31, 2024		2,216,215		$	7.72		8.7	$	7,118
Granted		153,800			5.16		—		—
Exercised		(26,834	)		5.15		—		—
Cancelled		(79,117	)		5.29		—		—
Outstanding at March 31, 2025		2,264,064		$	7.66		8.6	$	—
Exercisable as of March 31, 2025		1,113,586		$	5.10		8.0	$	—

Summary of black-scholes option pricing model

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and non-employee stock option grants issued for the three months ended March 31, 2025 and 2024, were as follows:

	THREE MONTHS ENDED MARCH 31,
	2025		2024
Stock price	$3.86 - $10.67		$5.18
Risk-free rate of interest	4.1% - 4.5%		4.1% - 4.2%
Expected term (years)	5.4 - 6.1		5.1 - 6.1
Expected stock price volatility	88.2% - 89.6%		106.2% - 110.5%
Expected dividend yield		—		—

Summary of black-scholes option assumptions used to estimate fair value of ESPP Awards

The assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:

	THREE MONTHS ENDED MARCH 31,
	2025
Stock price	$6.78 - $11.91
Risk-free rate of interest	4.2% - 5.2%
Expected term (years)	0.5 - 2.0
Expected stock price volatility	84.4% - 91.8%
Expected dividend yield		—

Summary of RSU activity

A summary of the Company’s RSU activity under the 2020 Plan and 2024 Plan is as follows:

	NUMBER OF STOCK UNITS			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE PER SHARE
Unvested balance at January 1, 2025		506,845		$	11.28
Granted		966,853			4.19
Vested		—			—
Forfeited		(4,750	)		10.71
Unvested balance at March 31, 2025		1,468,948		$	6.61

Summary of stock-based compensation expense

The following table summarizes stock-based compensation expense by condensed financial statement line item in the Company’s statements of operations and comprehensive loss (in thousands):

	THREE MONTHS ENDED MARCH 31,
	2025		2024
Research and development	$	957	$	767
General and administrative		1,095		639
Total	$	2,052	$	1,406