v3.26.1
Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

A summary of the Company’s stock option activity under the 2021 Plan and 2018 Plan is as follows (in thousands, except share and per share data and years):

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

Weighted-

 

 

average remaining

 

 

Aggregate

 

 

 

 

 

 

average

 

 

contractual

 

 

intrinsic

 

 

 

Shares

 

 

exercise price

 

 

term (years)

 

 

value

 

Outstanding at December 31, 2025

 

 

47,461,519

 

 

$

3.24

 

 

 

7.55

 

 

$

61,659

 

Granted

 

 

11,722,459

 

 

 

10.26

 

 

 

 

 

 

 

Exercised

 

 

(772,812

)

 

 

2.53

 

 

 

 

 

 

 

Canceled

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

58,411,166

 

 

$

4.66

 

 

 

7.83

 

 

$

672,786

 

Options exercisable at March 31, 2026

 

 

28,705,543

 

 

$

4.18

 

 

 

6.68

 

 

$

344,377

 

Schedule of Stock-based Compensation Expense

The allocation of stock-based compensation for all stock awards was as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

4,170

 

 

$

3,117

 

General and administrative

 

 

4,290

 

 

 

3,596

 

Total

 

$

8,460

 

 

$

6,713

 

Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Assumptions used to Determine Fair Value of Stock Option Grants

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:

 

 

 

Three Months Ended March 31,

 

 

2026

 

2025

Risk-free interest rate

 

3.72%-3.94%

 

4.02%-4.43%

Expected volatility

 

73.54%-79.72%

 

79.48%-80.80%

Expected term (in years)

 

5.28-6.08

 

5.28-6.08

Expected dividend yield

 

--%

 

--%