v3.26.1
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense The amount of stock-based compensation expense recognized for the years ended December 31, 2025 and 2024 was as follows (in thousands):
 
 Year Ended December 31,
 20252024
Research and development$5,992 $2,402 
General and administrative7,629 3,450 
Total stock-based compensation$13,621 $5,852 
Schedule of Option Activity A summary of option activity for the year ended December 31, 2025 is as follows:
 
 Options Outstanding
 Number of sharesWeighted average exercise price per shareWeighted average grant date fair value per shareWeighted average remaining contractual term
(in years)
Aggregate Intrinsic Value(1)
(in millions)
Balance at December 31, 20241,999,748 $19.91 $14.98 9.6$— 
Granted2,669,963 $8.72 $7.27 
Exercised (78,362)$9.88 $8.49 $0.6 
Expired(92)$18,691.20 $7,524.87 
Balance at December 31, 20254,591,257 $13.20 $10.46 8.5$39.9 
Exercisable at December 31, 2025953,658 $27.68 $20.11 6.5$7.7 
(1) The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.
Schedule of Fair Value Assumptions for Options
The following table presents the assumptions used to compute stock-based compensation expense for stock options with service-based vesting conditions granted under the Black-Scholes valuation model for the years ended December 31, 2025 and 2024:
 Year Ended December 31,
Service-based options20252024
Expected term of options (in years)5.00—6.105.81—6.25
Expected stock price volatility99.9%—113.1%113.1%—116.9%
Risk-free interest rate3.73%—4.45%3.70%—4.26%
Expected annual dividend yield0%0%
Schedule Unvested Restricted Stock Shares Activity A summary of RSU activity for the year ended December 31, 2025 is as follows:
 RSUs Outstanding
 Number of sharesWeighted average grant date fair value
Balance at Unvested RSUs at December 31, 2024632,100 $9.88 
Vested(217,036)9.88 
Forfeited(28,000)9.88 
Unvested RSUs at December 31, 2025387,064 $9.88