v3.26.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Activity under Stock Option Plans and Related Information
The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts):
Number of
Options
Outstanding 		Weighted
Average
Exercise Price		Weighted Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic Value
Outstanding at December 31, 20241,650,390$19.19 7.4$105 
Options granted450,500$6.36 
Options exercised(633)$4.40 $1 
Options cancelled/forfeited(453,161)$13.37 
Outstanding at December 31, 20251,647,096$17.29 5.0$73 
Vested and exercisable at December 31, 20251,300,774$19.57 4.1$3 
Summary of RSU Activity
Number of RSUs Outstanding Weighted Average Grant-Date Fair Price
Outstanding as of December 31, 202410,916$90.57 
RSUs vested(9,346)$93.75 
RSUs forfeited(1,073)$72.97 
Outstanding as of December 31, 2025497$68.40 
Summary of Stock-Based Compensation Expense Recognized
Total stock-based compensation expense recognized by function was as follows (in thousands):
Year Ended December 31,
202520242023
Research and development$2,648 $4,025 $8,612 
General and administrative6,315 8,986 9,525 
Total stock-based compensation expense$8,963 $13,011 $18,137 
Summary of Fair Value of Employee Stock Options Granted and ESPP Rights to Purchase Common Stock Calculated Using Black Scholes Option Pricing Model with Weighted Average Assumptions
The fair value of the employee stock options granted and the ESPP rights to purchase common stock of the Company is calculated using the Black-Scholes option-pricing model with the following weighted-average assumptions:
OptionsESPP Rights
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Expected term (years)
5.5 - 6.1
5.5 - 6.1
5.5 - 6.1
0.50.50.5
Expected volatility
83.2 - 86.0%
86.2 - 87.9%
87.6 - 88.4%
50.4%
54.4 - 73.2%
74.4 - 91.2%
Risk-free interest rate
4.0 - 4.5%
3.6 - 4.6%
3.5 - 4.7%
 4.3%
4.4 - 5.4%
5.3 - 5.4%
Expected dividend yield— — — — — —