v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes stock option activity:

 

 

Shares

 

 

Weighted
Average
Exercise
Price

 

 

 

 

 

 

(in dollars)

 

Outstanding as of December 31, 2025

 

 

12,050,796

 

 

$

1.90

 

Granted

 

 

3,482,073

 

 

$

0.91

 

Exercised

 

 

—

 

 

$

—

 

Cancelled

 

 

(214,737

)

 

$

0.90

 

Outstanding as of March 31, 2026

 

 

15,318,132

 

 

$

1.72

 
Summary of Fair Value of Stock Option Awards

The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

 

 

Three Months Ended
March 31,

 

 

2026

 

2025

Expected term (in years)

 

6.0

 

6.0

Expected volatility

 

85%

 

91%

Risk-free interest rate

 

3.9%

 

4.3% – 4.5%

Expected dividend yield

 

—%

 

—%
Summary of Restricted Stock Activity The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan.

 

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value
per Share

 

 

 

 

 

 

(in dollars)

 

Unvested as of December 31, 2025

 

 

1,536,234

 

 

$

2.39

 

  Granted

 

 

1,237,092

 

 

$

0.91

 

  Vested

 

 

(238,593

)

 

$

3.01

 

  Forfeited

 

 

(16,796

)

 

$

2.22

 

Unvested as of March 31, 2026

 

 

2,517,937

 

 

$

1.61

 
Summary of Stock-based Compensation

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

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

1,201

 

 

$

2,047

 

General and administrative

 

 

995

 

 

 

1,684

 

  Total stock-based compensation

 

$

2,196

 

 

$

3,731