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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:
Year ended December 31,
20242023
Risk-free interest rate4.2 %3.7 %
Expected term (in years)5.86.0
Expected volatility78.4 %80.0 %
Expected dividend yield— %— %
Schedule of Share-Based Payment Arrangement, Option, Activity
The following table summarizes the Company’s time-based stock option activity for the year ended December 31, 2024:
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 20237,641,863 $9.79 8.68$12,014 
Granted4,476,710 7.99 
Exercised(28,048)3.69 
Forfeited(679,834)10.16 
Outstanding at December 31, 202411,410,691 $9.08 8.10$— 
Vested and exercisable at December 31, 20244,888,933 $8.72 7.34$— 
Vested and expected to vest at December 31, 202411,410,691 $9.08 8.10$— 
Other information related to the time-based stock option activity of the Company was as follows:
Year ended December 31,
20242023
Weighted-average fair value of options granted$5.60 $8.96 
Intrinsic value of options exercised (in thousands)$70 $1,368 
The following table summarizes the Company’s performance-based stock option activity for the year ended December 31, 2024:
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023411,730 $6.65 8.15$1,362 
Granted650,000 7.74 
Exercised— — 
Forfeited— — 
Outstanding at December 31, 20241,061,730 $7.31 8.35$— 
Vested and exercisable at December 31, 2024490,230 $6.81 7.87$— 
Other information related to the performance-based stock option activity of the Company was as follows:
Year ended December 31,
20242023
Weighted-average fair value of options granted$5.27 $— 
Schedule of Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The following table summarizes the Company’s time-based restricted common stock award activity for the year ended December 31, 2024:
Number of SharesWeighted-Average Grant-Date Fair Value
Unvested restricted common stock at December 31, 2023903,227 $0.17 
Issued— — 
Vested(873,873)0.16 
Repurchased(4,423)0.34 
Unvested restricted common stock at December 31, 202424,931 $0.16 
The following table summarizes the Company’s performance-based restricted common stock award activity for the year ended December 31, 2024:
Number of SharesWeighted-Average Grant-Date Fair Value
Unvested restricted common stock at December 31, 20233,832,769 $0.07 
Issued— — 
Vested(360,226)0.18 
Repurchased— — 
Unvested restricted common stock at December 31, 20243,472,543 $0.06 
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The following table below summarizes the classification of the Company’s stock-based compensation expense related to stock options and restricted common stock awards in the consolidated statements of operations and comprehensive loss:
Year ended December 31,
(in thousands)20242023
Stock-based compensation expense:
Research and development$12,704 $7,950 
General and administrative13,364 5,960 
Total stock-based compensation expense$26,068 $13,910