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

Stock Option Activity

 

 

 

Outstanding
Stock Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value

 

 

 

(in thousands, except per share amounts and years)

 

Outstanding as of December 31, 2024

 

 

13,927

 

 

$

9.20

 

 

 

7.8

 

 

$

44,953

 

Granted

 

 

13,882

 

 

 

1.60

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Canceled and forfeited

 

 

(3,819

)

 

 

8.40

 

 

 

 

 

 

 

Expired

 

 

(547

)

 

 

9.48

 

 

 

 

 

 

 

Outstanding as of December 31, 2025

 

 

23,443

 

 

$

4.82

 

 

 

8.2

 

 

$

2,710

 

Exercisable as of December 31, 2025

 

 

7,925

 

 

$

7.74

 

 

 

6.8

 

 

$

—

 
Summary of Fair Value of Stock Options

The fair value of stock options granted for employee and non-employee awards was estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions:

 

 

 

Year Ended December 31,

 

 

2025

 

2024

Expected volatility

 

87.6% - 95.9%

 

91.6% - 97.9%

Expected term (years)

 

5.5 - 6.09

 

5.27 - 6.08

Risk-free interest rate

 

3.8% - 5.0%

 

3.5% - 4.6%

Expected dividend yield

 

—

 

—
Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

 

 

 

Shares of
Restricted
Common
Stock

 

 

Weighted-
Average
Grant Date
Fair Value
Per Share

 

 

Shares of
Restricted
Stock
Units

 

 

Weighted-
Average Grant
Date Fair
Value Per
Share

 

 

 

(in thousands, except per share amounts)

 

Outstanding and unvested as of December 31, 2024

 

 

371

 

 

$

10.82

 

 

 

1,441

 

 

$

17.32

 

Granted

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Vested

 

 

(69

)

 

$

13.33

 

 

 

(370

)

 

$

15.86

 

Forfeited and expired

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Cancelled

 

 

(231

)

 

$

8.87

 

 

 

(409

)

 

$

17.38

 

Outstanding and unvested as of December 31, 2025

 

 

71

 

 

$

14.67

 

 

 

662

 

 

$

18.07

 

 
Summary of Stock-Based Compensation Expense Recognized

The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations and comprehensive loss:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Research and development

 

$

9,901

 

 

$

17,662

 

General and administrative

 

 

19,975

 

 

 

22,328

 

Total stock-based compensation

 

$

29,876

 

 

$

39,990