v3.26.1
Common Stock and Stock-Based Awards (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2025:

 

 

 

Number
of Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

 

 

Outstanding as of December 31, 2025

 

 

1,124,208

 

 

$

68.07

 

 

 

7.17

 

 

$

228

 

Granted

 

 

586,605

 

 

$

8.78

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(67,930

)

 

$

96.24

 

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

1,642,883

 

 

$

45.73

 

 

 

7.94

 

 

$

144

 

Vested or expected to vest as of March 31, 2026

 

 

1,642,883

 

 

$

45.73

 

 

 

7.94

 

 

$

144

 

Options exercisable as of March 31, 2026

 

 

590,227

 

 

$

103.95

 

 

 

5.53

 

 

$

—

 
Summary of Restricted and Performance Stock Unit Activity

The following table summarizes the Company’s RSU and PSU activity since December 31, 2025:

 

 

 

Number
of Shares

 

 

Weighted
Average Grant
Date Fair
Value

 

Unvested restricted stock units as of December 31, 2025

 

 

24,150

 

 

$

57.31

 

Granted

 

 

173,385

 

 

$

8.74

 

Vested

 

 

(6,426

)

 

$

69.71

 

Forfeited

 

 

(5,989

)

 

$

11.35

 

Unvested restricted stock units as of March 31, 2026

 

 

185,120

 

 

$

12.87

 
Summary of Stock Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive (loss) income (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development expenses

 

$

725

 

 

$

1,330

 

General and administrative expenses

 

 

1,041

 

 

 

1,489

 

 

 

$

1,766

 

 

$

2,819