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 the stock option activity under the 2021 Plan and the 2023 Plan for the three months ended March 31, 2026:

 

 

Number of

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic

 

 

 

Shares

 

 

(per share)

 

 

(in years)

 

 

Value

 

Outstanding as of December 31, 2025

 

 

4,396,860

 

 

$

9.75

 

 

 

7.60

 

 

$

11,304

 

Granted

 

 

2,232,421

 

 

 

6.76

 

 

 

 

 

 

 

Exercised

 

 

(2,400

)

 

 

3.60

 

 

 

 

 

 

9

 

Forfeited

 

 

(254,069

)

 

 

11.37

 

 

 

 

 

 

 

Expired

 

 

(17,748

)

 

 

15.55

 

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

6,355,064

 

 

$

8.62

 

 

 

7.76

 

 

$

2,760

 

Options exercisable at March 31, 2026

 

 

2,819,763

 

 

$

9.85

 

 

 

5.73

 

 

$

2,030

 
Summary of Estimated Fair Value of Stock Options Granted Using Black-Scholes Option Pricing Model with Following Assumptions

The Company estimated the fair value of stock options granted using a Black-Scholes option pricing model with the following assumptions during the three months ended March 31, 2026 and March 31, 2025:

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Risk-free interest rates

 

3.67 - 4.16%

 

 

4.16 - 4.57%

 

Expected term (in years), weighted-average

 

 

6.06

 

 

 

5.78

 

Expected volatility, range

 

79.93 - 99.49%

 

 

88.12 - 90.49%

 

Expected volatility, weighted-average

 

 

99.20

%

 

 

89.80

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%
Summary of RSU Activity and PRSU Activity

The following table summarizes the RSU activity under the 2023 Plan for the three months ended March 31, 2026:

 

 

Number of

 

 

Weighted-
Average
Grant Date Fair Value

 

 

 

Shares

 

 

(per share)

 

Unvested as of December 31, 2025

 

 

703,578

 

 

$

7.47

 

Granted

 

 

657,249

 

 

 

6.68

 

Vested

 

 

(170,812

)

 

 

6.54

 

Forfeited

 

 

(85,638

)

 

 

8.75

 

Unvested as of March 31, 2026

 

 

1,104,377

 

 

$

7.05

 

The following table summarizes the PRSU activity under the 2023 Plan for the three months ended March 31, 2026:

 

 

Number of

 

 

Weighted-
Average
Grant Date Fair Value

 

 

 

Shares

 

 

(per share)

 

Unvested as of December 31, 2025

 

 

140,700

 

 

$

7.33

 

Granted

 

 

243,275

 

 

 

6.35

 

Vested

 

 

-

 

 

 

-

 

Forfeited

 

 

(1,042

)

 

 

6.31

 

Unvested as of March 31, 2026

 

 

382,933

 

 

$

6.71

 
Summary of Stock-Based Compensation Expenses

Stock-based compensation expense was classified as follows in the Company’s unaudited condensed statements of operations and comprehensive loss:

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Research and development expense

 

$

1,051

 

 

$

1,877

 

General and administrative expense

 

 

1,704

 

 

 

1,820

 

Total stock-based compensation expense

 

$

2,755

 

 

$

3,697