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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity The following table summarizes the Company’s stock option activity for the six months ended June 30, 2025:

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price per
share

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Balance at December 31, 2024

 

 

4,189,746

 

 

$

10.02

 

 

 

9.19

 

 

$

34,324

 

Granted

 

 

2,122,480

 

 

 

15.01

 

 

 

 

 

 

Exercised

 

 

(3,483

)

 

 

1.80

 

 

 

 

 

 

 

Forfeited

 

 

(190,364

)

 

 

12.40

 

 

 

 

 

 

 

Expired

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Options outstanding at June 30, 2025

 

 

6,118,379

 

 

$

11.68

 

 

 

8.99

 

 

$

16,370

 

Options vested and exercisable at June 30, 2025

 

 

1,437,587

 

 

 

8.26

 

 

 

8.49

 

 

 

6,731

 

Options vested and expected to vest at June 30, 2025

 

 

6,118,379

 

 

$

11.68

 

 

 

8.99

 

 

$

16,370

 
Summary of Restricted Stock Awards Grant Activity

The following table summarizes the Company’s service-based RSA grant activity for the six months ended June 30, 2025:

 

 

RSAs

 

 

Weighted-
Average Grant
Date Fair Value

 

Unvested shares at December 31, 2024

 

 

976,596

 

 

$

3.69

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(261,364

)

 

 

3.55

 

Forfeited

 

 

(44,792

)

 

 

2.92

 

Unvested shares at June 30, 2025

 

 

670,440

 

 

$

3.80

 
Summary of Performance-based RSA Grant Activity

The following table summarizes the Company’s performance-based RSA grant activity for the six months ended June 30, 2025:

 

 

RSAs

 

 

Weighted-
Average Grant
Date Fair Value

 

Unvested shares at December 31, 2024

 

 

444,235

 

 

$

3.63

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(98,766

)

 

 

3.66

 

Forfeited

 

 

(41,216

)

 

 

2.92

 

Unvested shares at June 30, 2025

 

 

304,253

 

 

$

3.72

 
Summary of Share-based Compensation Expense 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 condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

General and Administrative

 

$

2,780

 

 

$

1,351

 

 

$

5,499

 

 

$

2,120

 

Research and Development

 

 

1,609

 

 

 

1,003

 

 

 

2,930

 

 

 

1,725

 

 

$

4,389

 

 

$

2,354

 

 

$

8,429

 

 

$

3,845