Convertible Preferred Stock, Stockholders' Equity, and Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Temporary Equity And Permanent Equity [Abstract] |
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| Summary of common stock reserved for future issuance |
Common stock reserved for future issuance consisted of the following:
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AS OF |
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DECEMBER 31,
2025 |
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DECEMBER 31,
2024 |
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Common stock options granted and outstanding |
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943,092 |
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2,216,215 |
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Restricted stock units granted and outstanding |
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2,641,007 |
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529,359 |
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Shares available for issuance under the 2024 and 2020 equity incentive plans, respectively |
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3,079,468 |
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1,820,868 |
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Shares available for issuance under the ESPP Plan |
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378,000 |
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212,000 |
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Shares available for issuance under the Pledge 1% commitment |
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84,556 |
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84,556 |
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Total common stock reserved for future issuance |
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7,126,123 |
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4,862,998 |
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| Summary of company's stock option activity under the plan |
A summary of the Company’s stock option activity under the 2020 Plan and 2024 Plan is as follows:
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TOTAL
OPTIONS |
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WEIGHTED-
AVERAGE EXERCISE
PRICE PER SHARE |
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WEIGHTED-
AVERAGE REMAINING
CONTRACTUAL TERM |
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AGGREGATE
INTRINSIC VALUE |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2024 |
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2,216,215 |
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$ |
7.72 |
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8.7 |
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$ |
7,118 |
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Granted |
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316,300 |
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3.42 |
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— |
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— |
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Exercised |
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(26,834 |
) |
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5.15 |
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— |
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— |
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Cancelled |
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(1,562,589 |
) |
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7.83 |
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— |
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— |
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Outstanding at December 31, 2025 |
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943,092 |
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$ |
6.17 |
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8.0 |
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$ |
412 |
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Exercisable as of December 31, 2025 |
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587,318 |
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$ |
6.17 |
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7.5 |
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$ |
— |
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| Summary of black-scholes option pricing model |
The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and non-employee stock option grants issued for the years ended December 31, 2025 and 2024, were as follows:
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YEAR ENDED DECEMBER 31, |
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2025 |
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2024 |
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Stock price |
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$1.61 - $10.67 |
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$5.18 - $15.45 |
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Risk-free rate of interest |
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3.9% - 4.5% |
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3.5% - 4.6% |
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Expected term (years) |
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5.4 - 6.1 |
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5.1 - 6.1 |
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Expected stock price volatility |
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88.2% - 90.3% |
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87.2% - 110.5% |
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Expected dividend yield |
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— |
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— |
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| Summary of black-scholes option assumptions used to estimate fair value of ESPP Awards |
The assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:
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YEAR ENDED DECEMBER 31, |
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2025 |
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2024 |
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Stock price |
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$2.38 - $11.91 |
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$ |
11.91 |
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Risk-free rate of interest |
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3.9% - 5.2% |
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4.4% - 5.2% |
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Expected term (years) |
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0.5 - 2.0 |
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0.5 - 2.0 |
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Expected stock price volatility |
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84.4% - 93.1% |
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84.4% - 87.9% |
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Expected dividend yield |
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— |
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— |
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| Summary of RSU activity |
A summary of the Company’s RSU activity under the 2020 Plan and 2024 Plan is as follows:
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NUMBER OF
STOCK UNITS |
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WEIGHTED-
AVERAGE GRANT
DATE FAIR VALUE
PER SHARE |
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Unvested balance at January 1, 2025 |
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506,845 |
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$ |
11.28 |
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Granted |
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2,564,599 |
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4.44 |
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Vested |
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(282,687 |
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7.81 |
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Forfeited |
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(147,750 |
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5.96 |
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Unvested balance at December 31, 2025 |
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2,641,007 |
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$ |
5.31 |
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| Summary of stock-based compensation expense |
The following table summarizes stock-based compensation expense by financial statement line item in the Company’s statements of operations and comprehensive loss (in thousands):
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YEAR ENDED DECEMBER 31, |
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2025 |
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2024 |
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Research and development |
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$ |
3,153 |
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$ |
3,414 |
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General and administrative |
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3,668 |
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3,566 |
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Total |
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$ |
6,821 |
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$ |
6,980 |
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