v3.26.1
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Expense Recognized
Total stock-based compensation expense recognized in the consolidated statements of operations was as follows:
Year Ended December 31,
20252024
(in thousands)
Research and development
$3,201 $4,606 
General and administrative
3,044 4,220 
Total stock-based compensation
$6,245 $8,826 
Weighted -average Valuation Assumptions
The fair value of stock options granted during the years ended December 31, 2025 and 2024 was calculated on the date of grant using the following weighted-average assumptions:
Year Ended December 31,
20252024
Risk-free interest rate
4.4 %4.0 %
Expected term (in years)
5.96.0
Expected annual dividend yield
— %— %
Expected volatility
95.4 %92.7 %
Summary of Stock Option Activity
The following table summarizes stock option activity during the year ended December 31, 2025: 
Options Outstanding
Number of OptionsWeighted-Average Exercise Price per ShareWeighted-Average Remaining
Contractual Life
(in years)
Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 20247,634,937 $6.24 
Granted
3,390,691 $1.49 
Exercised
— $— 
Cancelled
(1,070,756)$5.43 
Outstanding, December 31, 20259,954,872 $4.71 7.16$— 
Exercisable at December 31, 20256,203,856 $6.19 6.26$—