Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 6. Stock-Based Compensation

Effective January 1, 2025, the number of shares of common stock available under the 2021 Incentive Award Plan (the 2021 Plan) increased by 1,815,535 shares pursuant to the evergreen provision. As of March 31, 2025, 3,441,603 shares of common stock remained available for issuance under the 2021 Plan. Effective January 1, 2025, the number of shares of common stock available under the 2021 Employee Stock Purchase Plan (the ESPP) increased by 363,107 shares pursuant to the evergreen provision of the ESPP. As of March 31, 2025, 946,370 shares of common stock remained available for issuance under the ESPP. As of March 31,

2025, 1,831,517 shares of common stock remained available for issuance under the 2023 Inducement Equity Plan as adopted in November 2023.

Stock-Based Compensation Expense

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):

	Three Months Ended
	March 31,
	2025		2024
Research and development	$	1,920	$	2,546
General and administrative		1,249		2,476
Total stock-based compensation expense	$	3,169	$	5,022

As of March 31, 2025, there was $17.5 million of total unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 1.7 years.

Stock Options

The following table summarizes stock option activity:

	Outstanding Options
	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)
Balance, December 31, 2024		9,168,745		$	10.19		7.6
Granted		375,000			2.53
Exercised		—			—
Cancelled		(1,151,651	)		11.58
Balance, March 31, 2025		8,392,094		$	9.96		5.7
Exercisable, March 31, 2025		5,797,072		$	9.62		4.6