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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 Recorded in Statements of Operations and Allocated

Total stock-based compensation expense related to the Company's equity incentive plans and ESPP was recorded in the statements of operations and allocated as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Research and development

 

$

9,816

 

 

$

6,933

 

 

$

4,678

 

General and administrative

 

 

9,278

 

 

 

7,198

 

 

 

5,658

 

Total stock-based compensation expense

 

$

19,094

 

 

$

14,131

 

 

$

10,336

 

Summary of Stock Option Activity

The following table summarizes stock option activity:

 

 

 

Number of
Options
Outstanding

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Balance as of December 31, 2023

 

 

7,357,607

 

 

$

9.34

 

 

 

8.1

 

 

$

42,071

 

Granted

 

 

2,274,385

 

 

 

13.15

 

 

 

 

 

 

 

Exercised

 

 

(106,339

)

 

 

4.86

 

 

 

 

 

 

 

Cancelled

 

 

(356,908

)

 

 

13.17

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

 

9,168,745

 

 

$

10.19

 

 

 

7.6

 

 

$

119

 

Options exercisable as of December 31, 2024

 

 

5,483,731

 

 

$

9.59

 

 

 

7.0

 

 

$

71

 

Summary of Fair Value of Stock Options Estimated using Weighted-Average Assumptions

The fair value of stock options was estimated using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Expected term in years

 

 

6.0

 

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

91.0

%

 

 

79.9

%

 

 

93.1

%

Risk-free interest rate

 

 

4.1

%

 

 

3.8

%

 

 

3.1

%

Dividend yield

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted

 

$

10.04

 

 

$

7.57

 

 

$

5.25

 

Summary of Fair Value of ESPP Estimated using Weighted-Average Assumptions

The fair value of ESPP was estimated using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Expected term in years

 

 

1.3

 

 

 

1.3

 

 

 

1.3

 

Expected volatility

 

 

136.5

%

 

 

80.9

%

 

 

95.2

%

Risk-free interest rate

 

 

4.6

%

 

 

4.9

%

 

 

2.5

%

Dividend yield

 

 

 

 

 

 

 

 

 

 

Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity:

 

 

 

Number of
Restricted
Stock Awards

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance, December 31, 2023

 

 

111,920

 

 

$

4.06

 

Granted

 

 

 

 

 

 

Released

 

 

(109,356

)

 

 

4.06

 

Forfeited

 

 

(2,564

)

 

 

3.96

 

Balance, December 31, 2024

 

 

 

 

$