v3.25.4
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activities The activity for stock options is as follows:

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Shares

 

 

Price

 

 

Term

 

 

Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2024

 

 

2,817,751

 

 

$

6.49

 

 

 

6.87

 

 

$

19

 

Options granted

 

 

5,766,696

 

 

 

1.77

 

 

 

 

 

 

 

Options exercised

 

 

(21,341

)

 

 

3.04

 

 

 

 

 

 

 

Options forfeited

 

 

(2,135,329

)

 

 

4.85

 

 

 

 

 

 

 

Outstanding as of December 31, 2025

 

 

6,427,777

 

 

$

2.81

 

 

 

9.05

 

 

$

11,727

 

Vested and expected to vest as of December 31, 2025

 

 

6,427,777

 

 

$

2.81

 

 

 

9.05

 

 

$

11,727

 

Options exercisable as of December 31, 2025

 

 

631,921

 

 

$

6.24

 

 

 

8.00

 

 

$

331

 

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions Table Text Block

The relevant data used to determine the fair value of the stock option grants during the years ended December 31, 2025 and 2024 is as follows, presented on a weighted-average basis:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Expected term (in years)

 

 

6.0

 

 

 

6.1

 

Expected volatility

 

 

103.6

%

 

 

104.0

%

Risk-free interest rate

 

 

4.3

%

 

 

4.0

%

Expected dividend yield

 

 

 

 

 

 

 

Summary of Restricted Stock Awards The activity for RSUs is as follows:

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

1,228,876

 

 

$

7.17

 

Granted

 

 

1,084

 

 

 

4.62

 

Vested

 

 

(929,563

)

 

 

7.27

 

Forfeited

 

 

(92,500

)

 

 

5.44

 

Unvested at December 31, 2025

 

 

207,897

 

 

$

7.50

 

The total fair value of restricted stock vested during the years ended December 31, 2025 and 2024 was $1.5 million and $0.9 million, respectively

Summary of Share-based Compensation Expense

The following table sets forth stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Research and development expenses

 

$

3,503

 

 

$

3,032

 

General and administrative expenses

 

 

4,551

 

 

 

2,525

 

Total stock-based compensation expense

 

$

8,054

 

 

$

5,557