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

The following table summarizes option activity for the three-month period ended March 31, 2026:

 

 

 

Options Outstanding

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

Weighted-

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Number of

 

 

Exercise

 

 

Contractual Life

 

 

Value

 

 

 

Options

 

 

Price

 

 

(in years)

 

 

(in 000s)

 

Balances at December 31, 2025

 

 

11,990,688

 

 

$

2.43

 

 

 

7.74

 

 

$

86

 

Shares reserved for issuance

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

3,646,290

 

 

$

1.53

 

 

 

 

 

 

 

Options exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Balances at March 31, 2026 (unaudited)

 

 

15,636,978

 

 

$

2.22

 

 

 

8.06

 

 

$

83

 

At March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest

 

 

15,636,978

 

 

$

2.22

 

 

 

8.06

 

 

$

83

 

Exercisable

 

 

6,138,335

 

 

$

3.35

 

 

 

6.49

 

 

$

—

 
Schedule of Estimated Fair Value of Stock Options

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:

 

 

 

Three Months Ended

 

Three Months Ended

 

 

March 31,

 

March 31,

 

 

2026

 

2025

Risk-free interest rate

 

3.82%

 

4.02% - 4.48%

Expected life (in years)

 

6.02

 

6.02 - 6.25

Dividend yield

 

0%

 

0%

Expected volatility

 

77.29%

 

80.22%
Stock-based Compensation Expense Related to Options Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated

Stock-based compensation expense recorded under ASC 718 related to stock options granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows:

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

637

 

 

$

637

 

General and administrative

 

 

755

 

 

 

871

 

Total stock-based compensation

 

$

1,392

 

 

$

1,508

 
Schedule of Stock-based Compensation Expense by Award Type

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2026

 

 

2025

 

Stock options

 

$

1,359

 

 

$

1,149

 

Restricted stock units

 

 

—

 

 

 

278

 

Employee stock purchase plan

 

 

33

 

 

 

81

 

Total stock-based compensation

 

$

1,392

 

 

$

1,508

 
2020 ESPP  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Estimated Fair Value of Stock Options

The weighted average assumptions used to estimate the fair value of stock purchase rights under the 2020 ESPP are as follows:

 

 

 

Three Months Ended

 

Three Months Ended

 

 

March 31,

 

March 31,

 

 

2026

 

2025

Risk-free interest rate

 

3.70%

 

4.28%

Expected life (in years)

 

0.49

 

0.49

Dividend yield

 

0%

 

0%

Expected volatility

 

78.28%

 

82.05%