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Equity Incentive Plan and Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Total Stock-Based Compensation

The following table summarizes the components of stock-based compensation expense recognized in the Company’s statements of operations and comprehensive loss during the years ended December 31, 2024 and 2023 (in thousands):

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Research and development expenses

 

$

3,798

 

 

$

4,236

 

General and administrative expenses

 

 

4,540

 

 

 

4,176

 

Total

 

$

8,338

 

 

$

8,412

 

Summary of Weighted Average Assumptions Used to Value Options Granted

The following weighted average assumptions were used to value options granted during the periods indicated:

 

Year Ended December 31, 2024

 

 

Year Ended December 31, 2023

 

Expected term

5.94 years

 

 

5.98 years

 

Expected volatility

 

110.6

%

 

 

90.8

%

Risk-free interest rate

 

4.28

%

 

 

4.04

%

Expected dividend yield

 

 

 

 

 

 

Summary of Stock Plan Activity

A summary of the stock plan activity is as follows:

 

 

Total Options Outstanding

 

 

Weighted-Average
Exercise Price

 

 

Weighted-Average Remaining Contractual Life
(in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Outstanding at December 31, 2023

 

 

3,930,306

 

 

$

10.86

 

 

 

8.14

 

 

$

37,853

 

Granted

 

 

1,700,899

 

 

 

2.42

 

 

 

 

 

 

 

Exercised

 

 

(28,930

)

 

 

7.78

 

 

 

 

 

 

 

Forfeited/expired

 

 

(711,432

)

 

 

8.91

 

 

 

 

 

 

 

Vested and expected to vest at December 31, 2024

 

 

4,890,843

 

 

$

8.23

 

 

 

6.66

 

 

$

330

 

Exercisable as of December 31, 2024

 

 

2,883,622

 

 

$

9.45

 

 

 

5.46

 

 

$

263

 

Summary of RSU Activity

A summary of the RSU activity is as follows:

`

 

Number of Units

 

 

Weighted-Average
Grant Date Fair Value

 

Unvested at December 31, 2023

 

 

 

 

$

 

Issued

 

 

762,346

 

 

 

2.59

 

Vested and released

 

 

(38,556

)

 

 

2.96

 

Forfeited

 

 

(207,279

)

 

 

2.63

 

Unvested at December 31, 2024

 

 

516,511

 

 

$

2.54

 

Summary of RSA Activity

A summary of the RSA activity is as follows:

 

 

Number of Units

 

 

Weighted-Average
Grant Date Fair Value

 

Unvested at December 31, 2023

 

 

 

 

$

 

Issued

 

 

40,003

 

 

 

1.27

 

Vested and released

 

 

(40,003

)

 

 

1.27

 

Forfeited

 

 

 

 

 

 

Unvested at December 31, 2024

 

 

 

 

$