Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense by Classification

Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	2,201	$	2,388
General and administrative	2,094		3,636
Total stock-based compensation expense	$	4,295	$	6,024

Schedule of Stock Option Activity

A summary of the Company’s PBO activity was as follows:


	Number of PBOs	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
PBOs outstanding as of December 31, 2025(1)	98,868	$	11.07	9.11	$	1,949
Granted	—	$	—
Exercised	—	$	—
Canceled or forfeited	—	$	—
PBOs outstanding as of March 31, 2026	98,868	$	11.07	8.86	$	889
PBOs exercisable as of March 31, 2026	—	$	—	—	$	—

(1) PBOs outstanding reflect the target number of shares eligible to be earned at the time of grant.

A summary of the Company’s stock option activity was as follows:


	Number of Stock Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding as of December 31, 2025	2,696,444	$	40.32	6.14	$	17,090
Granted	620,000	$	24.11
Exercised	(2,348)	$	11.07
Canceled or forfeited	(94,722)	$	43.39
Options outstanding as of March 31, 2026	3,219,374	$	37.13	6.83	$	6,959
Options exercisable as of March 31, 2026	1,630,342	$	52.13	4.52	$	2,972

Schedule of PSU Activity

A summary of the Company’s PSU activity was as follows:


	Performance-Based Restricted Stock Units Outstanding	Weighted-Average Value at Grant Date Per Share
Unvested PSUs as of December 31, 2025(1)	65,518	$	37.51
PSUs granted	—	$	—
PSUs vested	(29,120)	$	36.00
PSUs forfeited or canceled	—	$	—
Unvested PSUs as of March 31, 2026	36,398	$	38.72

(1) PSU grants reflect the target number of shares eligible to be earned at the time of grant.

Schedule of RSU Activity

A summary of the Company’s RSU activity was as follows:


	Restricted Stock Units Outstanding	Weighted-Average Value at Grant Date Per Share
Unvested RSUs as of December 31, 2025	306,415	$	19.77
RSUs granted	265,716	$	23.90
RSUs vested	(28,130)	$	25.64
RSUs forfeited or canceled	(12,459)	$	19.31
Unvested RSUs as of March 31, 2026	531,542	$	21.54

Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted

The fair value of stock options and performance-based stock options granted to employees, directors and consultants valued using the Black-Scholes option pricing model was estimated on the date of grant using the following weighted-average assumptions:


	Three Months Ended March 31,
	2026		2025
Risk-free interest rate	3.81	%	4.39	%
Expected volatility	91.9	%	83.5	%
Expected term (in years)	6.04		6.08
Expected dividend yield	0	%	0	%