Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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):

	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

Summary of Stock Option Activity

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