v3.26.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Option Activity
The following table sets forth stock-based compensation included in the Company's consolidated statements of operations and comprehensive loss (in thousands):
 
Shares
Available
for Grant
Shares
Issuable
Under
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contract
Term
(in years)
Aggregate
Intrinsic 
Value
(in thousands)
Balance, December 31, 2023
659,608 799,622 $87.90 7.18$101 
Additional shares authorized325,196 
Options granted(546,800)546,800 $29.19 
Options forfeited 74,989 (74,989)$132.63 
Options exercised— (21,974)$16.64 
Balance, December 31, 2024
512,993 1,249,459 $60.78 7.31$4,827 
Additional shares authorized325,012 1,250 
Options granted(562,010)562,010 $17.58 
Options forfeited205,360 (205,360)$63.25 
Options exercised— (70,252)$12.13 
Balance, December 31, 2025
481,355 1,537,107 $46.84 7.26$515 
Exercisable, December 31, 2025
820,027 $66.48 5.83$515 
Vested and expected to vest, December 31, 2025
820,027 $66.48 5.83$515 
Schedule of Stock-Based Compensation Expense
The following table sets forth stock-based compensation included in the Company’s consolidated statements of operations and comprehensive loss (in thousands):
Year Ended December 31,
 20252024
Research and development expense$779 $2,066 
General and administrative expense7,914 15,191 
Total stock-based compensation expense$8,693 $17,257 
Schedule of Valuation Assumptions
The fair value of the Company’s stock option awards was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:
Year Ended December 31,
 20252024
Expected term (in years)5.28—6.085.27—6.08
Expected volatility98.18 %—102.67%86.92 %—100.06%
Risk-free interest rate3.87 %—4.19%3.53 %—4.57%
Fair value of common stock$12.78—$30.33$10.50—$66.10
Expected dividend yield—%—%