Stock-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options Activity |
The following table summarizes stock option activity:
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|
|
|
|
|
|
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|
Year Ended December 31, 2025 |
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|
Number of
Shares |
|
|
Weighted
Average
Exercise Price
Per Share |
|
|
Weighted
Average
Remaining
Contractual
Term (years) |
|
|
Aggregate
Intrinsic
Value
($000s) |
|
Outstanding at January 1, 2025 |
|
|
20,166,069 |
|
|
$ |
13.51 |
|
|
|
6.6 |
|
|
$ |
6,095 |
|
Granted |
|
|
3,386,028 |
|
|
$ |
3.09 |
|
|
|
|
|
|
|
Exercised |
|
|
(17,375 |
) |
|
$ |
3.36 |
|
|
|
|
|
|
|
Cancelled |
|
|
(691,762 |
) |
|
$ |
7.08 |
|
|
|
|
|
|
|
Outstanding at December 31, 2025 |
|
|
22,842,960 |
|
|
$ |
12.17 |
|
|
|
6.0 |
|
|
$ |
8,436 |
|
Vested and expected to vest at December 31, 2025 |
|
|
22,842,960 |
|
|
$ |
12.17 |
|
|
|
6.0 |
|
|
$ |
8,436 |
|
Vested and exercisable at December 31, 2025 |
|
|
17,951,806 |
|
|
$ |
14.46 |
|
|
|
5.3 |
|
|
$ |
7,219 |
|
|
| Summary of Weighted Average Assumptions Used to Estimate Fair Value of Award |
The fair value of each award was estimated using Black-Scholes based on the following weighted average assumptions:
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Risk-free interest rate |
|
|
4.36 |
% |
|
|
3.96 |
% |
Expected term |
|
5.94 years |
|
|
5.96 years |
|
Expected volatility |
|
|
80 |
% |
|
|
84 |
% |
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense is classified as follows:
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Research and development |
|
$ |
10,446 |
|
|
$ |
24,072 |
|
General and administrative |
|
|
10,274 |
|
|
|
27,695 |
|
Total stock-based compensation expense |
|
$ |
20,720 |
|
|
$ |
51,767 |
|
|
| Summary of Components of Stock-based Compensation Expense |
The components of stock-based compensation expense were:
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|
|
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Stock options |
|
$ |
13,616 |
|
|
$ |
43,073 |
|
Restricted stock units |
|
|
5,577 |
|
|
|
5,374 |
|
Performance-based restricted stock units |
|
|
1,459 |
|
|
|
3,209 |
|
ESPP |
|
|
68 |
|
|
|
111 |
|
Total stock-based compensation expense |
|
$ |
20,720 |
|
|
$ |
51,767 |
|
|
| Restricted Stock Units |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Units |
|
|
|
|
|
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|
Year Ended December 31, 2025 |
|
|
|
Number of
Shares |
|
|
Weighted Average
Grant Date Fair Value |
|
Outstanding at January 1, 2025 |
|
|
2,523,052 |
|
|
$ |
4.42 |
|
Granted |
|
|
1,091,064 |
|
|
$ |
3.09 |
|
Released |
|
|
(1,216,965 |
) |
|
$ |
4.43 |
|
Cancelled |
|
|
(150,087 |
) |
|
$ |
4.03 |
|
Unvested shares at December 31, 2025 |
|
|
2,247,064 |
|
|
$ |
3.79 |
|
|
| Performance-based Restricted Stock Units |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Units |
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|
|
|
|
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|
Year Ended December 31, 2025 |
|
|
|
Number of
Shares |
|
|
Weighted Average
Grant Date Fair Value |
|
Outstanding at January 1, 2025 |
|
|
1,782,870 |
|
|
$ |
5.37 |
|
Granted |
|
|
1,045,600 |
|
|
$ |
3.06 |
|
Released |
|
|
(181,242 |
) |
|
$ |
7.14 |
|
Cancelled |
|
|
(181,243 |
) |
|
$ |
7.14 |
|
Unvested shares at December 31, 2025 |
|
|
2,465,985 |
|
|
$ |
4.13 |
|
|