Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Assumptions Used in Black-Scholes Option-Pricing model to Determine the Fair Value of Stock Options Granted |
The following table presents the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:
|
|
|
|
|
|
|
Year Ended December 31, |
|
Year Ended December 31, |
|
|
2025 |
|
2024 |
Expected volatility |
|
82.30% - 90.25% |
|
83.80% - 99.30% |
Risk-free interest rate |
|
3.77% - 4.43% |
|
3.55% - 4.48% |
Expected dividend yield |
|
0.00% |
|
0.00% |
Expected term (in years) |
|
6.00 |
|
5.85 - 6.08 |
Fair value of common stock |
|
$7.15 - $28.55 |
|
$6.34 - $26.90 |
|
| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity for the year ended December 31, 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 |
|
|
2,522,420 |
|
|
|
15.56 |
|
|
|
|
|
|
|
Exercised |
|
|
(192,864 |
) |
|
|
6.98 |
|
|
|
|
|
|
|
Forfeited |
|
|
(231,825 |
) |
|
|
12.80 |
|
|
|
|
|
|
|
Options outstanding at December 31, 2025 |
|
|
6,287,477 |
|
|
$ |
12.23 |
|
|
|
8.62 |
|
|
$ |
113,839 |
|
Options vested and exercisable at December 31, 2025 |
|
|
2,035,935 |
|
|
|
10.22 |
|
|
|
8.32 |
|
|
|
40,955 |
|
Options vested and expected to vest at December 31, 2025 |
|
|
6,287,477 |
|
|
$ |
12.23 |
|
|
|
8.62 |
|
|
$ |
113,839 |
|
|
| Summary of Restricted Stock Awards Grant Activity |
The following table summarizes the Company’s service-based RSA grant activity for the year ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
RSAs |
|
|
Weighted-
Average Grant
Date Fair Value |
|
Unvested shares at December 31, 2024 |
|
|
976,596 |
|
|
$ |
3.69 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
(513,038 |
) |
|
|
3.56 |
|
Forfeited |
|
|
(51,725 |
) |
|
|
3.14 |
|
Unvested shares at December 31, 2025 |
|
|
411,833 |
|
|
$ |
3.94 |
|
|
| Summary of Performance-based RSA Grant Activity |
The following table summarizes the Company’s performance-based RSA grant activity for the year ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
RSAs |
|
|
Weighted-
Average Grant
Date Fair Value |
|
Unvested shares at December 31, 2024 |
|
|
444,235 |
|
|
$ |
3.63 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
(190,042 |
) |
|
|
3.69 |
|
Forfeited |
|
|
(41,216 |
) |
|
|
2.92 |
|
Unvested shares at December 31, 2025 |
|
|
212,977 |
|
|
$ |
3.72 |
|
|
| Summary of Share-based Compensation Expense |
The following table below summarizes the classification of the Company’s stock-based compensation expense in the consolidated statements of operations and comprehensive loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months
Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
General and Administrative |
|
$ |
11,571 |
|
|
$ |
6,190 |
|
Research and Development |
|
|
7,284 |
|
|
|
4,045 |
|
|
|
$ |
18,855 |
|
|
$ |
10,235 |
|
|