Stock Option and Grant Plans (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Estimate Fair Value of Stock Option Awards on Grant Date |
The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:
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Year Ended December 31, |
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2025 |
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|
2024 |
|
Risk-free interest rate |
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|
4.07 |
% |
|
|
4.44 |
% |
Expected term (in years) |
|
|
6.01 |
|
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|
6.08 |
|
Expected volatility |
|
|
109.09 |
% |
|
|
69.17 |
% |
Dividend yield |
|
|
0.00 |
% |
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|
0.00 |
% |
|
| Summary of Stock Option Activity |
A summary of option activity for the year ended December 31, 2025, is as follows:
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Number of
Options |
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Weighted-
Average
Exercise
Price |
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|
Weighted-
Average
Remaining
Contractual
Term
(in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Outstanding at January 1, 2025 |
|
|
7,728,707 |
|
|
$ |
14.34 |
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|
|
7.5 |
|
|
$ |
3,584 |
|
Granted |
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|
2,474,549 |
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|
$ |
4.15 |
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Exercised |
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|
(213,090 |
) |
|
$ |
3.63 |
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Cancelled or forfeited |
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|
(582,315 |
) |
|
$ |
13.89 |
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Outstanding at December 31, 2025 |
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|
9,407,851 |
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|
$ |
11.93 |
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|
7.2 |
|
|
$ |
42,967 |
|
Exercisable at December 31, 2025 |
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|
5,250,970 |
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|
$ |
15.13 |
|
|
|
6.1 |
|
|
$ |
15,416 |
|
Unvested at December 31, 2025 |
|
|
4,156,881 |
|
|
$ |
7.88 |
|
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|
8.6 |
|
|
$ |
27,551 |
|
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| Summary of Restricted Stock Unit Activity |
A summary of restricted stock unit activity for the year ended December 31, 2025, is as follows:
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Number of shares |
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|
Weighted Average
Grant Date
Fair Value |
|
Nonvested as of January 1, 2025 |
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2,212,905 |
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|
$ |
10.96 |
|
Granted |
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|
1,994,637 |
|
|
$ |
4.21 |
|
Vested |
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|
(1,202,389 |
) |
|
$ |
7.14 |
|
Forfeited |
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|
(280,069 |
) |
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$ |
6.73 |
|
Nonvested as of December 31, 2025 |
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|
2,725,084 |
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|
$ |
8.12 |
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| Summary of Performance-Based Restricted Stock Unit Activity |
A summary of PSU activity for the year ended December 31, 2025, is as follows:
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Number of Shares |
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|
Weighted Average
Grant Date
Fair Value |
|
Nonvested as of December 31, 2024 |
|
|
— |
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|
$ |
— |
|
Granted |
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2,189,724 |
|
|
$ |
5.92 |
|
Vested |
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|
— |
|
|
$ |
— |
|
Forfeited |
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(100,230 |
) |
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$ |
4.09 |
|
Nonvested as of December 31, 2025 |
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|
2,089,494 |
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|
$ |
6.01 |
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| Summary of Stock-Based Compensation Expense |
The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:
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Year Ended December 31, |
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|
2025 |
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|
2024 |
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|
(in thousands) |
|
Research and development expenses |
|
$ |
6,961 |
|
|
$ |
8,758 |
|
Selling, general and administrative expenses |
|
|
20,684 |
|
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|
24,280 |
|
Total stock-based compensation |
|
$ |
27,645 |
|
|
$ |
33,038 |
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| Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period |
The following table summarizes unrecognized stock-based compensation expense as of December 31, 2025, by type of awards, and the weighted-average period over which that expense is expected to be recognized. The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.
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As of December 31, 2025 |
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Unrecognized Expense |
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Weighted-average Recognition Period |
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(in thousands) |
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(in years) |
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Stock options |
|
$ |
19,596 |
|
|
|
1.96 |
|
Restricted stock units |
|
$ |
15,166 |
|
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|
2.41 |
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