Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation

Schedule of the Company's option activity

				Weighted-
		Weighted-		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
		Price Per		Term	Value
	Options	Share		(in years)	(in thousands)
Outstanding as of December 31, 2024	7,670,908	$	9.59	8.2	$	1,777
Granted	3,815,440	$	5.09
Exercised	—	$	—		$	—
Forfeited or expired	(28,639)	$	9.75
Outstanding, vested and expected to vest as of March 31, 2025	11,457,709	$	8.09	8.6	$	5,091
Exercisable as of March 31, 2025	6,557,242	$	9.30	7.7	$	1,018

				Weighted-
		Weighted-		Average
		Average		Remaining		Aggregate
		Exercise		Contractual		Intrinsic
		Price Per		Term		Value
	Options	Share		(in years)		(in thousands)
Outstanding as of December 31, 2024	1,787,880	$	10.19		9.3	$	—
Granted	—	$	—
Forfeited or expired	—	$	—
Outstanding, vested and expected to vest as of March 31, 2025	1,787,880	$	10.19		9.1	$	—
Exercisable as of March 31, 2025	—	$	—		—	$	—

Schedule of various significant assumptions used to estimate the fair value of stock options

	Three Months Ended March 31,
	2025	2024
Expected term (in years)	6.04 - 6.08	6.08
Volatility	98.84% - 99.18%	104.61% - 104.63%
Risk-free interest rate	4.04% - 4.65%	4.20%
Dividend yield	0.00%	0.00%

Schedule of activity for the Company's early exercisable shares

		Weighted-
		Average
	Number of	Exercise Price
	Shares	Per Share
Unvested as of December 31, 2024	146,683	$	5.53
Vested	(43,733)	$	5.10
Unvested as of March 31, 2025	102,950	$	5.71

Schedule of the stock-based compensation expense granted to employees and non- employees

The following table summarizes the stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
	2025		2024
Research and development	$	3,719	$	1,444
General and administrative		3,276		1,213
Total stock-based compensation expense	$	6,995	$	2,657

The following table summarizes the stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss by award type for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
	2025		2024
Stock options	$	6,803	$	2,639
ESPP		186		—
Restricted stock awards		6		18
Total stock-based compensation expense	$	6,995	$	2,657