v3.25.4
Stock and Stock-Based Awards (Tables)
12 Months Ended
Dec. 31, 2025
Subsidiary, Sale of Stock [Line Items]  
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

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

 

 

Outstanding as of December 31, 2024

 

 

886,123

 

 

$

114.47

 

 

 

6.59

 

 

$

87

 

Granted

 

 

546,805

 

 

$

15.14

 

 

 

 

 

 

 

Exercised

 

 

(23,900

)

 

$

20.96

 

 

 

 

 

 

 

Forfeited

 

 

(284,820

)

 

$

114.77

 

 

 

 

 

 

 

Outstanding as of December 31, 2025

 

 

1,124,208

 

 

$

68.07

 

 

 

7.17

 

 

$

228

 

Vested and expected to vest as of December 31, 2025

 

 

1,124,208

 

 

$

68.07

 

 

 

7.17

 

 

$

228

 

Options exercisable as of December 31, 2025

 

 

502,733

 

 

$

129.06

 

 

 

5.15

 

 

$

31

 

Summary of Restricted and Performance Stock Unit Activity The table below summarizes the Company’s RSU and PSU activity for the year ended December 31, 2025:

 

 

 

Number
of Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Unvested restricted stock units as of December 31, 2024

 

 

81,459

 

 

$

55.36

 

Granted

 

 

79,846

 

 

$

18.29

 

Forfeited

 

 

(12,300

)

 

$

62.76

 

Vested

 

 

(124,855

)

 

$

30.54

 

Unvested restricted stock units as of December 31, 2025

 

 

24,150

 

 

$

57.31

 

Summary of Stock Based Compensation Expense

The Company recorded stock-based compensation expense related to stock options and restricted stock units in the following expense categories of its consolidated statements of operations and comprehensive income (loss):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Research and development expenses

 

$

5,080

 

 

$

10,996

 

 

$

19,341

 

General and administrative expenses

 

 

5,760

 

 

 

9,975

 

 

 

14,760

 

 

 

$

10,840

 

 

$

20,971

 

 

$

34,101

 

Employees Stock Option [Member]  
Subsidiary, Sale of Stock [Line Items]  
Summary of Estimated Fair Value of Employee Stock Options

The assumptions that the Company used to determine the fair value of the stock options granted to employees and directors were as follows, presented on a weighted average basis:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.26

%

 

 

2.70

%

 

 

3.64

%

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

121.0

%

 

 

76.2

%

 

 

107.2

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Employee Stock [Member]  
Subsidiary, Sale of Stock [Line Items]  
Summary of Estimated Fair Value of Employee Stock Options The assumptions that the Company used to determine the fair value of rights to acquire common stock under the ESPP were as follows, presented on a weighted average basis:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.34

%

 

 

5.16

%

 

 

5.01

%

Expected term (in years)

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

Expected volatility

 

 

115.8

%

 

 

118.3

%

 

 

79.1

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%