v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes information and activity related to the Company’s stock options for the three months ended March 31, 2026:
Number of
Stock Options		Weighted Average
Exercise Price		Weighted Average
Remaining Contractual Life
(in years)		Total
Intrinsic Value
(in thousands)
Outstanding as of December 31, 20252,621,203 $13.50 6.9$5,057 
Options granted
524,793 8.13 
Options exercised (20,431)4.93 
Forfeited (unvested)(2,347)4.51 
Outstanding as of March 31, 20263,123,218 $12.66 7.2$11,552 
Options vested and exercisable1,574,201 $18.04 5.4$6,140 
Schedule of Black-Scholes Option-Pricing Model Following Assumptions
The fair value of each employee and non-employee stock option grant was estimated on the date of grant using Black-Scholes based on the following weighted average assumptions.
OptionsThree months ended March 31,
20262025
Risk-free interest rate3.9 %
4.4%
Expected dividend yield0.0 %0.0 %
Expected term in years
6.1
6.1
Expected volatility105.4 %
106.9%
Schedule of Components of Stock-Based Compensation Expense
The following table summarizes total stock-based compensation expense, which includes expense related to stock options and RSUs, as recorded in the condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31,
20262025
Research and development$350 $288 
General and administrative518 229 
Total$868 $517 
Schedule of Restricted Stock Unit, Activity
The following table summarizes information and activity related to the Company’s restricted stock units (“RSUs”) for the three months ended March 31, 2026:
Number of
Restricted Stock Units
Weighted Average
Grant Date Fair Value
Unvested as of December 31, 2025
— $— 
RSUs granted235,234 8.10 
RSUs vested
— — 
RSUs forfeited
— — 
Unvested as of March 31, 2026
235,234 $8.10