v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Combined Stock Option Activity under 2018 Plan and 2021 Plan

The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the three months ended March 31, 2026:

 

Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(years)

 

 

Aggregate Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2025

 

 

6,467,582

 

 

$

7.93

 

 

 

6.96

 

 

$

1,503

 

Granted

 

 

1,637,093

 

 

 

6.13

 

 

 

 

 

 

 

Exercised

 

 

(12,733

)

 

 

4.43

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(104,767

)

 

 

10.12

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

7,987,175

 

 

$

7.54

 

 

 

7.38

 

 

$

4,879

 

Exercisable at March 31, 2026

 

 

4,232,959

 

 

$

8.04

 

 

 

5.84

 

 

$

3,672

 

 

Schedule of Fair Value of Stock Options, Valuation Assumptions

The fair value of the stock options granted for the three months ended March 31, 2026 and 2025 was measured with the following weighted-average assumptions:

 

Three Months Ended
March 31,

 

 

 

 

2026

 

 

2025

 

 

Risk-free interest rate

 

 

3.72

%

 

 

4.38

%

 

Expected term (years)

 

 

6.08

 

 

 

6.06

 

 

Expected volatility of the underlying stock

 

 

102.43

%

 

 

90.89

%

 

Expected dividend rate

 

 

%

 

 

%

 

 

Schedule of Nonvested Restricted Stock Units Activity

A summary of the restricted stock units activity during the three months ended March 31, 2026 is as follows:

 

Restricted Stock Units

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested at December 31, 2025

 

 

2,690,777

 

 

$

7.74

 

Granted

 

 

1,123,568

 

 

 

6.12

 

Vested/Released

 

 

(500,744

)

 

 

8.00

 

Forfeited

 

 

(27,360

)

 

 

8.39

 

Unvested at March 31, 2026

 

 

3,286,241

 

 

$

7.14

 

 

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows (in thousands):

 

Three Months Ended
March 31,

 

 

 

 

 

2026

 

 

2025

 

 

 

Research and development

 

$

2,190

 

 

$

1,915

 

 

 

General and administrative

 

 

1,634

 

 

 

1,599

 

 

 

Total

 

$

3,824

 

 

$

3,514