v3.26.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

The following summarizes stock option activity:

 

 

Number of
options

 

 

Weighted
average
exercise
price

 

 

Weighted
average
remaining
contractual
term
(years)

 

 

Aggregate
intrinsic
value
(in thousands)

 

Outstanding—December 31, 2024

 

 

11,589,269

 

 

$

8.10

 

 

 

7.6

 

 

$

11,419

 

Granted

 

 

3,912,850

 

 

 

6.93

 

 

 

 

 

 

 

Exercised

 

 

(779,114

)

 

 

7.35

 

 

 

 

 

 

 

Forfeited

 

 

(658,406

)

 

 

9.65

 

 

 

 

 

 

 

Outstanding—December 31, 2025

 

 

14,064,599

 

 

$

7.74

 

 

 

7.2

 

 

$

115,245

 

Vested or expected to vest—December 31, 2025

 

 

14,064,599

 

 

$

7.74

 

 

 

7.2

 

 

$

115,245

 

Exercisable—December 31, 2025

 

 

8,079,048

 

 

$

8.47

 

 

 

6.2

 

 

$

61,894

 

Schedule of Fair Value of each Award Estimated Using Assumption The fair value of options granted were estimated using the following weighted-average assumptions:

 

Year ended
December 31,

 

 

2025

 

 

2024

 

Expected term (years)

 

 

6.21

 

 

 

6.25

 

Expected volatility

 

 

84.11

%

 

 

84.81

%

Risk-free interest rate

 

 

4.40

%

 

 

3.99

%

Expected dividend yield

 

 

%

 

 

%

Schedule of Restricted Stock Unit Activity

The following summarizes RSU activity:

 

 

Number
of
shares

 

 

Weighted
average
grant date
fair value

 

Unvested restricted stock units as of December 31, 2024

 

 

112,159

 

 

$

7.55

 

Granted

 

 

811,665

 

 

$

7.05

 

Vested

 

 

(112,159

)

 

$

7.55

 

Forfeited

 

 

(35,900

)

 

$

7.11

 

Unvested restricted stock units as of December 31, 2025

 

 

775,765

 

 

$

7.05

 

Schedule of Stock Based Compensation Expense

Stock-based compensation expense is classified as follows (in thousands):

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

10,860

 

 

$

10,629

 

General and administrative

 

 

8,005

 

 

 

7,497

 

Total stock-based compensation expense

 

$

18,865

 

 

$

18,126