Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The Company recorded stock-based compensation expense in the following expense categories in its accompanying consolidated statements of operations (in thousands): | | | | | | | | | | | | | Year Ended
December 31, | | 2025 | | 2024 | | Research and development expenses | $ | 6,473 | | | $ | 4,508 | | | General and administrative expenses | 7,710 | | | 3,812 | | | Total expense | $ | 14,183 | | | $ | 8,320 | |
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| Share-Based Payment Arrangement, Option, Activity |
The following table summarizes the option activity: | | | | | | | | | | | | | | | | | | | Number
of
shares | | Weighted
average
exercise price
per share | | Weighted average remaining contractual term (years) | | Outstanding at December 31, 2024 | 1,387,556 | | | $ | 28.62 | | | 7.80 | | Granted | 926,726 | | | $ | 17.13 | | | | | Exercised | (20,735) | | | $ | 12.70 | | | | | Expired/Forfeited | (204,997) | | | $ | 30.55 | | | | | Outstanding at December 31, 2025 | 2,088,550 | | | $ | 23.49 | | | 7.91 | | Exercisable at December 31, 2025 | 832,243 | | | $ | 25.11 | | | 6.56 |
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| Share-Based Payment Arrangement, Option, Exercise Price Range |
The following table summarizes information about the outstanding and exercisable options at December 31, 2025 (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | | Exercise Price Range | Number Outstanding | | Weighted Average Remaining Contractual | | Weighted Average Exercise Price | | Intrinsic Value | | Number Exercisable | | Weighted Average Remaining Contractual | | Weighted average Exercise Price | | Intrinsic Value | $5.82 - $20.00 | 1,106,617 | | 7.98 | | $ | 15.07 | | | $ | 6,116 | | | 314,764 | | 5.11 | | $ | 11.58 | | | $ | 2,841 | | $20.01 - $30.00 | 273,298 | | 7.16 | | $ | 22.89 | | | $ | 29 | | | 155,696 | | 6.21 | | $ | 22.88 | | | $ | 16 | | $30.01 - $40.00 | 627,140 | | 8.02 | | $ | 35.02 | | | $ | — | | | 305,199 | | 7.94 | | $ | 34.89 | | | $ | — | | $40.01 - $256.80 | 81,495 | | 8.30 | | $ | 51.09 | | | $ | — | | | 56,584 | | 8.12 | | $ | 53.85 | | | $ | — | |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below: | | | | | | | | | | | | | Year Ended
December 31, | | 2025 | | 2024 | | Expected volatility | 83.58%-98.06% | | 86.39%-92.61% | | Risk-free interest rate | 3.72%-4.42% | | 3.43%-4.60% | | Expected life (in years) | 5.26-6.95 | | 5.50-6.15 | | Expected dividend yield | — | | | — | |
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| Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the year ended December 31, 2025 is as follows: | | | | | | | | | | | | | RSUs | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested at December 31, 2024 | 222,530 | | | $ | 36.06 | | | Restricted stock units granted | 135,205 | | | $ | 16.14 | | | Restricted stock units vested | (73,158) | | | $ | 36.06 | | | Restricted stock units forfeited | (28,216) | | | $ | 30.52 | | | Unvested at December 31, 2025 | 256,361 | | | $ | 26.16 | |
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| Share-Based Payment Arrangement, Performance Shares, Activity |
A summary of the Company’s performance stock unit (“PSU”) activity and related information for the year ended December 31, 2025 is as follows: | | | | | | | | | | | | | PSUs | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested at December 31, 2024 | 252,124 | | | $ | 36.06 | | | Performance stock units granted | — | | | $ | — | | | Performance stock units vested | — | | | $ | — | | | Performance stock units forfeited | — | | | $ | — | | | Unvested at December 31, 2025 | 252,124 | | | $ | 36.06 | |
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