Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options Valuation Assumptions

The relevant data used to determine the fair value of the stock options during the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026			2025
Expected term (in years)		6.1			6.1
Expected volatility		98.9	%		105.7	%
Risk-free interest rate		3.8	%		4.6	%
Expected dividend yield		—			—

Summary of Stock Option Activities

The activity for the stock options is as follows:


				Weighted		Weighted
				Average		Average		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2025		6,427,777		$	2.81		9.05	$	11,727
Options granted		2,208,040			4.15
Options exercised		(1,642	)		3.04
Options forfeited		(152,530	)		3.03
Outstanding as of March 31, 2026		8,481,645		$	3.15		9.10	$	32,356
Vested and expected to vest as of March 31, 2026		8,481,645		$	3.15		9.10	$	32,356
Options exercisable as of March 31, 2026		1,327,862		$	4.20		8.11	$	4,033

Summary of Restricted Stock Awards

The Company has outstanding RSUs with service-based vesting conditions and RSUs with performance-based vesting conditions. The

activity for RSUs is as follows:


	Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2025		207,897		$	7.50
Granted		441			5.67
Vested		(563	)		2.81
Unvested at March 31, 2026		207,775		$	7.51

Summary of Share-based Compensation Expense

The following table sets forth stock-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	572	$	906
General and administrative expenses		1,033		1,116
Total stock-based compensation expense	$	1,605	$	2,022