v3.26.1
Equity Incentive Plans and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards
The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:
  Three Months Ended March 31,
 20262025
Expected volatility87.39%
86.82% - 86.99%
Risk-free interest rate3.91%
4.11% - 4.45%
Expected dividend——
Expected term (in years)5.99
5.99 - 6.08
Underlying common stock fair value$1.30
$1.54 - $12.63
Schedule of Option Activity Under the 2015 Plan and 2020 Plan
A summary of option activity under the 2015 Plan, 2020 Plan and 2022 Plan is as follows:
  Number
of
Options		Weighted-
Average Exercise
Price per Share		Weighted-
Average
Remaining
Contractual
Term (in Years)		Aggregate
Intrinsic
Value
Outstanding as of December 31, 20257,456,066 $15.28 5.60$— 
Granted4,642,500 $1.30 
Exercised— $— 
Forfeited(730,336)$15.85 
Outstanding as of March 31, 202611,368,230 $9.53 7.51$— 
Exercisable as of March 31, 20265,178,672 $15.17 5.55$— 
Vested and expected to vest as of March 31, 202611,368,230 $9.53 7.51$— 
Schedule of Restricted Stock Activity
The service-based condition for restricted stock units (“RSUs”) is generally satisfied over three years.
Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2025858,247 $16.04 
Granted107,751 $1.30 
Released(399,627)$20.20 
Forfeited(8,915)$7.96 
Unvested and outstanding as of March 31, 2026557,456 $10.33 
Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:
  Three Months Ended March 31,
 20262025
Expected volatility62.35%209.54%
Risk-free interest rate3.68%4.31%
Expected dividend——
Expected term (in years)0.500.50
Schedule of Classification of Stock-based Compensation Expense
The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
20262025
Stock options and ESPP$3,128 $5,961 
Restricted stock units1,126 2,951 
Total stock-based compensation expense$4,254 $8,912 
Research and development expenses$1,727 $3,702 
General and administrative expenses$2,527 $5,210