Stock-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Schedule of Activities Under Company's Stock Option Plans |
The following table summarizes the Company's stock option activities:
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Options Outstanding |
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Number of
Shares |
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|
Weighted-
Average
Exercise
Price Per
Share |
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|
Weighted-
Average
Remaining
Contractual
Life (years) |
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Aggregate
Intrinsic
Value |
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(in thousands) |
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Balances at December 31, 2024 |
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14,562,061 |
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|
$ |
6.20 |
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Options granted |
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|
4,653,805 |
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|
1.75 |
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Options exercised |
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(319,855 |
) |
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|
1.57 |
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$ |
470.1 |
|
Options cancelled/forfeited |
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(2,187,069 |
) |
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|
5.63 |
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Balances at December 31, 2025 |
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16,708,942 |
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|
5.12 |
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|
6.1 |
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|
$ |
24,594.2 |
|
Options Exercisable—December 31, 2025 |
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|
11,354,089 |
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|
$ |
6.63 |
|
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|
4.9 |
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|
$ |
11,996.4 |
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| Total Stock-based Compensation Recognized |
Total stock-based compensation recorded related to stock options, TRSUs, PSUs and the ESPP was as follows (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 |
|
$ |
2,274 |
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|
$ |
2,716 |
|
General and administrative |
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|
4,028 |
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|
4,952 |
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Total stock-based compensation expense |
|
$ |
6,302 |
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|
$ |
7,668 |
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| Schedule of Estimated Fair Value of Employee Stock Options and ESPP Using Black-Scholes Valuation Model |
The Company estimated the fair value of employee stock options and ESPP using the Black-Scholes valuation model based on the date of grant with the following weighted average assumptions:
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Options |
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ESPP |
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Year Ended December 31, |
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Year Ended December 31, |
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2025 |
|
2024 |
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|
2025 |
|
2024 |
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Expected volatility |
100.2% |
|
84.0% |
|
|
156% |
|
104.0% |
|
Risk-free interest rate |
3.9% |
|
4.0% |
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|
4.0% |
|
5.0% |
|
Dividend yield |
— |
|
— |
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|
— |
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— |
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Expected term (in years) |
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5.8 |
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|
5.6 |
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0.5 |
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|
0.5 |
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Weighted average grant date fair value
per share |
$ |
1.41 |
|
$ |
1.21 |
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|
$ |
1.70 |
|
$ |
0.63 |
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| Time based RSUs |
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| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Schedule of Company's TRSU Activities |
The following table summarizes the Company's TRSU activities:
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|
Number of
Shares |
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|
Weighted-
Average
Remaining
Contractual
Life (years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
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|
Weighted Average Grant Date Fair Value Per Share |
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|
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Balance at December 31, 2024 |
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1,853,232 |
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|
$ |
2.00 |
|
RSUs awarded |
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|
2,060,683 |
|
|
|
|
|
|
|
|
|
0.94 |
|
RSUs vested |
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(565,125 |
) |
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|
|
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|
2.14 |
|
RSUs forfeited |
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(437,596 |
) |
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|
1.86 |
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Balance at December 31, 2025 |
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|
2,911,194 |
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|
0.9 |
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|
$ |
12,401.7 |
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$ |
1.25 |
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| Performance based RSUs |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Schedule of Activities for Company's PSUs |
The following table summarizes the Company's PSU activities:
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Number of
Shares |
|
|
Weighted-
Average
Remaining
Contractual
Life (years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
|
Weighted Average Grant Date Fair Value Per Share |
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Balance at December 31, 2024 |
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1,190,000 |
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|
$ |
1.94 |
|
PSUs awarded |
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|
413,350 |
|
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|
2.90 |
|
PSUs vested |
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(275,000 |
) |
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|
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|
2.52 |
|
PSUs forfeited |
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(622,500 |
) |
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|
|
|
|
|
|
|
1.82 |
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Balance at December 31, 2025 |
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|
705,850 |
|
|
|
1.6 |
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|
$ |
3,006.9 |
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|
$ |
2.39 |
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