Equity Incentive Plans (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of The Stock Option Activity |
The following table summarizes the stock option activity under the 2019 Plan and 2024 Plan during the year ended December 31, 2024 (in thousands except share, contractual term and per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
Shares
Underlying
Outstanding
Options |
|
|
|
|
|
|
|
|
|
|
Outstanding as of January 1, 2024 |
|
|
1,002,485 |
|
|
$ |
3.11 |
|
|
|
8.2 |
|
|
$ |
2,276 |
|
|
|
|
982,980 |
|
|
|
18.25 |
|
|
|
|
|
|
|
|
|
|
|
|
(335,894 |
) |
|
|
2.54 |
|
|
|
|
|
|
|
5,585 |
|
Options forfeited and expired |
|
|
(115,210 |
) |
|
|
8.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding as of December 31, 2024 |
|
|
1,534,361 |
|
|
$ |
12.49 |
|
|
|
8.5 |
|
|
$ |
51,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested and exercisable as of December 31, 2024 |
|
|
364,472 |
|
|
$ |
2.80 |
|
|
|
6.6 |
|
|
$ |
15,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested and expected to vest as of December 31, 2024 |
|
|
1,534,361 |
|
|
$ |
12.49 |
|
|
|
8.5 |
|
|
$ |
51,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following table summarizes the stock option activity for the options that were assumed from AVROBIO upon the Merger closing during the year ended December 31, 2024 (in thousands except share, contractual term and per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
Shares
Underlying
Outstanding
Options |
|
|
|
|
|
|
|
|
|
|
Options assumed from AVROBIO upon Merger closing |
|
|
365,428 |
|
|
$ |
89.92 |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
(52,833 |
) |
|
|
14.61 |
|
|
|
|
|
|
|
1,344 |
|
Options forfeited and expired |
|
|
(220,115 |
) |
|
|
136.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding as of December 31, 2024 |
|
|
92,480 |
|
|
$ |
22.69 |
|
|
|
1.1 |
|
|
$ |
2,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested and exercisable as of December 31, 2024 |
|
|
92,480 |
|
|
$ |
22.69 |
|
|
|
1.1 |
|
|
$ |
2,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested and expected to vest as of December 31, 2024 |
|
|
92,480 |
|
|
$ |
22.69 |
|
|
|
1.1 |
|
|
$ |
2,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Fair Values of the Options Granted |
The table below discloses assumptions for the fair value of options granted:
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Fair value per share of underlying common stock |
|
$ |
16.09 - $51.28 |
|
|
$ |
2.50 - $4.21 |
|
|
|
|
6.00 - 6.25 |
|
|
|
5.81 - 6.04 |
|
|
|
|
100.0% - 104.0% |
|
|
|
93.4% - 111.2% |
|
|
|
|
4.10% - 4.26% |
|
|
|
3.64% - 4.90% |
|
|
|
|
0% |
|
|
|
0% |
|
|
| Summary of Restricted Stock Activity |
Activity with respect to the Company’s restricted stock units during the year ended December 31, 2024 was as follows (in thousands, except share, contractual term, and per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
Number of
Shares
Underlying
Outstanding
Units |
|
|
Grant Date
Fair Value
per Unit |
|
|
|
|
|
|
|
Outstanding as of January 1, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Restricted stock units granted |
|
|
26,337 |
|
|
|
44.62 |
|
|
|
|
|
|
|
— |
|
Restricted stock units forfeited |
|
|
(725 |
) |
|
|
34.51 |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding as of December 31, 2024 |
|
|
25,612 |
|
|
$ |
44.90 |
|
|
|
1.9 |
|
|
$ |
1,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested and expected to vest as of December 31, 2024 |
|
|
25,612 |
|
|
$ |
44.90 |
|
|
|
1.9 |
|
|
$ |
1,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following table summarizes restricted common stock activity during the year ended December 31, 2024:
|
|
|
|
|
| |
|
|
|
Unvested restricted stock awards as of January 1, 2024 |
|
|
18,968 |
|
Early exercise of options |
|
|
6,859 |
|
|
|
|
(25,827 |
) |
|
|
|
|
|
Unvested restricted stock awards as of December 31, 2024 |
|
|
— |
|
|
|
|
|
|
|
| Summary of Stock Based Compensation Expense Regarding its Employees and Nonemployees |
The following table is a summary of stock-based compensation expense by function recognized (in thousands):
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
General and administrative |
|
$ |
2,309 |
|
|
$ |
705 |
|
|
|
|
1,182 |
|
|
|
416 |
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation |
|
$ |
3,491 |
|
|
$ |
1,121 |
|
|
|
|
|
|
|
|
|
|
|