v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Expense Recognized

Stock-based compensation expense is recognized in the condensed consolidated statements of operations as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

Research and development

 

$

3,109

 

 

$

4,586

 

General and administrative

 

 

2,553

 

 

 

2,436

 

Total stock-based compensation expense

 

$

5,662

 

 

$

7,022

 
Schedule of Unrecognized Stock-Based Compensation Costs Related to Unvested Awards and Weighted-Average Period Over Which Costs are Expected to be Recognized

Unrecognized stock-based compensation costs related to unvested awards and the weighted-average period over which the costs are expected to be recognized as of March 31, 2026 are as follows:

 

 

 

Stock Options

 

 

RSUs

 

 

Unrecognized stock-based compensation expense (in thousands)

 

$

33,547

 

 

$

19,702

 

 

Weighted-average period costs expected to be recognized (in years)

 

 

2.8

 

 

 

3.0

 

 

 
Summary of Stock Option Activity

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

 

 

 

Stock Options
(in thousands)

 

 

Weighted-Average
Exercise Price per
Share

 

 

Weighted-Average
Remaining
Contractual Life
(in years)

 

 

Aggregate Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2025

 

 

22,942

 

 

$

6.10

 

 

 

7.1

 

 

$

11,384

 

Granted

 

 

5,434

 

 

 

3.49

 

 

 

 

 

 

 

Exercised

 

 

(29

)

 

 

2.04

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(472

)

 

 

10.62

 

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

27,875

 

 

$

5.53

 

 

 

7.4

 

 

$

3,264

 

Exercisable as of March 31, 2026

 

 

15,584

 

 

$

6.59

 

 

 

6.0

 

 

$

2,086

 

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

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

 

 

 

Three Months Ended March 31,

Assumptions

 

2026

 

2025

Risk free interest rate

 

3.7% – 4.0%

 

4.1% – 4.4%

Expected volatility

 

77.5%

 

75.0%

Expected term (years)

 

6.25

 

5.43 – 6.50

Expected dividend

 

0%

 

0%
Summary of Additional Information Related to Stock Option Activity

The following table summarizes additional information related to stock option activity:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Weighted average grant date fair value per share for options granted

 

$

2.46

 

 

$

1.81

 

Aggregate intrinsic value of stock options exercised (in thousands)

 

$

79

 

 

$

1,272

 
Summary of RSU Activity

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

 

 

 

RSUs
(in thousands)

 

 

RSUs
Weighted-Average
Grant Date Fair
Value per Share

 

 

Unvested as of December 31, 2025

 

 

3,828

 

 

$

5.09

 

 

Granted

 

 

2,184

 

 

 

3.45

 

 

Vested

 

 

(864

)

 

 

5.06

 

 

Forfeited

 

 

(34

)

 

 

5.97

 

 

Unvested as of March 31, 2026

 

 

5,114

 

 

$

4.39