v3.26.1
Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Option Activity

A summary of option activity under the 2019 Plan, 2024 Plan and the Inducement Plan is as follows:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Weighted-
Average
Remaining
Contractual
Term (in
years)

 

 

Aggregate
Intrinsic
Value
(in
thousands)

 

Outstanding at December 31, 2024 *

 

 

7,595,922

 

 

$

5.83

 

 

 

7.58

 

 

$

760

 

Options granted

 

 

4,079,800

 

 

$

2.88

 

 

 

 

 

 

 

Options exercised

 

 

(600,551

)

 

$

3.31

 

 

 

 

 

 

 

Options forfeited

 

 

(1,339,254

)

 

$

5.15

 

 

 

 

 

 

 

Options expired

 

 

(405,195

)

 

$

6.38

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

9,330,722

 

 

$

4.77

 

 

 

8.50

 

 

$

43,821

 

Exercisable at December 31, 2025 **

 

 

2,344,677

 

 

$

5.74

 

 

 

7.51

 

 

$

8,941

 

Vested and expected to vest at December 31, 2025

 

 

9,330,722

 

 

$

4.77

 

 

 

8.50

 

 

$

43,821

 

 

* Includes 303,472 shares of unvested stock options for which the holders have the right to early exercise such options as of December 31, 2024.

 

** Includes 17,189 shares of unvested stock options for which the holders have the right to early exercise such options as of December 31, 2025.
Summary of Restricted Stock Units

 

 

Number of RSUs

 

 

Weighted-
Average
Grant Rate Fair Value

 

Unvested at December 31, 2024

 

 

549,001

 

 

$

7.19

 

Granted - RSUs

 

 

1,040,729

 

 

 

3.05

 

Vested

 

 

(95,417

)

 

 

7.03

 

Forfeited - RSUs

 

 

(211,909

)

 

 

4.53

 

Unvested at December 31, 2025

 

 

1,282,404

 

 

$

4.28

 
Schedule of Fair Value of Options Granted to Employees and Nonemployees Estimated using Black-Scholes Valuation Model using the Assumptions

The fair value of options granted was estimated using the Black-Scholes valuation model using the following assumptions for the years ended December 31, 2025 and 2024, respectively:

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Expected volatility

 

95%-98%

 

 

93%-95%

 

Expected dividend yield

 

 

—

%

 

 

—

%

Expected term (in years)

 

5.4-6.1

 

 

5.8-6.1

 

Risk-free interest rate

 

3.7%-4.5%

 

 

3.5%-4.5%

 
Schedule of Stock-based Compensation Expense

The following tables presents the classification of stock-based compensation expense related to stock options and RSUs granted (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

3,602

 

 

$

2,455

 

General and administrative

 

 

6,478

 

 

 

5,902

 

Total stock-based compensation expense

 

$

10,080

 

 

$

8,357

 

The above stock-based compensation expense was related to the following stock-based awards (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Restricted stock units

 

$

1,238

 

 

$

313

 

Stock options

 

 

8,842

 

 

 

8,044

 

Total stock-based compensation expense

 

$

10,080

 

 

$

8,357