v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Option Valuation
The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted:
Three Months Ended March 31,
20262025
Risk-free interest rate3.8 %4.3 %
Expected term (in years)6.06.1
Expected volatility109.9 %103.9 %
Expected dividend yield0 %0 %
As of March 31, 2026, total unrecognized compensation expense related to unvested stock options and restricted stock units was $19.8 million, which is expected to be recognized over a weighted average period of 2.9 years.
Summary of Stock Option Activity
The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026:
Number of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Contractual
Term (Years)		Aggregate
Intrinsic
Value (in thousands)
Outstanding as of December 31, 202512,080,718 $2.34 9.6$28,329 
Granted3,860,000 3.99 
Forfeited and expired(84,654)19.73 $— 
Outstanding as of March 31, 202615,856,064 $2.65 9.4$30,395 
Exercisable as of March 31, 2026850,519 $8.52 9.1$1,765 
Vested and expected to vest as of March 31, 202612,771,903 $2.72 9.4$24,717 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
Restricted Stock Units
The following table summarizes the Company’s restricted stock unit activity for the three months ended March 31, 2026:
Number of
Shares		Weighted-Average Grant Date Fair Value
Unvested as of December 31, 202573,381 $15.48 
Vested(12,776)9.72 
Forfeited(6,195)16.56 
Unvested as of March 31, 202654,410 $16.71 
Summary of Stock-Based Compensation Expense Classification
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive (loss) income as follows:
Three Months Ended March 31,
(in thousands)20262025
Research and development expense$715 $259 
General and administrative expense1,698 260 
Total stock-based compensation$2,413 $519