Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of stock-based compensation expense


	Three Months Ended March 31,
	2026		2025
Research and development expense	$	792	$	389
General and administrative expense		1,419		1,146
Total stock-based compensation expense	$	2,211	$	1,535

Summary of stock option activity


						Weighted
						Average
						Remaining		Aggregate
				Weighted		Contractual		Intrinsic
	Number of			Average		Term		Value (1)
	Stock Options			Exercise Price		(In years)		(In thousands)
Outstanding as of December 31, 2025		2,785,102		$	14.40		9.1	$	27
Granted		9,280		$	8.36
Exercised		(109	)	$	7.70
Forfeited		(26,988	)	$	11.40
Outstanding as of March 31, 2026 (2)		2,767,285		$	14.41		8.9	$	19
Exercisable as of March 31, 2026 (2)		726,042		$	21.28		7.4	$	8

(1)

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock as of the end of the period.

(2)

The weighted-average exercise price per share of the options outstanding and exercisable as of March 31, 2026 includes the impact of the stock option repricing described below.

Schedule of assumptions used in determining fair value of options granted


	Three Months Ended March 31,
	2026			2025
Risk-free interest rate	3.6 - 3.8		%			4.4	%
Expected dividend yield		0	%			0	%
Expected term (in years)	6.0 - 6.1				6.0 - 6.1
Expected volatility	102.3 - 103.3		%		94.5 - 95.6		%

Summary of restricted stock unit activity


	Number			Weighted
	of Shares			Average
	of Restricted			Grant Date
	Stock Units			Fair Value
Unvested as of December 31, 2025		23,866		$	7.70
Granted		—		$	—
Vested		(7,952	)	$	7.70
Forfeited		—		$	—
Unvested as of March 31, 2026		15,914		$	7.70