v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Activity under Stock Option Plans and Related Information
The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts):
Number of
Options
Outstanding 		Weighted
Average
Exercise Price		Weighted
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic Value
Outstanding as of December 31, 20251,647,096$17.29 5.0$73 
Options exercised(42,139)$6.35 $28 
Options cancelled/forfeited(371,090)$17.02 
Outstanding as of March 31, 20261,233,867$17.74 6.1$390 
Vested and exercisable as of March 31, 2026949,099$20.55 5.4$154 
Summary of RSU Activity
Number of RSUs Outstanding Weighted Average Grant-Date Fair Price
Outstanding as of December 31, 2025497$68.40 
RSUs vested(497)$68.40 
Outstanding as of March 31, 2026—$— 
Summary of Stock-Based Compensation Expense Recognized
Total stock-based compensation expense recognized by function was as follows (in thousands):
Three Months Ended March 31,
20262025
Research and development$7 $996 
General and administrative646 1,783 
Total stock-based compensation expense$653 $2,779 
Summary of Fair Value of Employee Stock Options Granted is Calculated Using Black Scholes Option Pricing Model with Range of Assumptions
The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model with the following range of assumptions:
Three Months Ended March 31,
20262025
Expected term (years)
0.0
5.5 - 6.0
Expected volatility
—%
84.6 - 86.0%
Risk-free interest rate
—%
4.4 - 4.5%
Expected dividend yield——