v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31,
20262025
Research and development expenses$1,791 $1,570 
General and administrative expenses1,838 2,478 
Total expense$3,629 $4,048 
Schedule of Share-Based Payment Arrangement, Option, Activity
The following table summarizes the option activity:
OptionsNumber
of
shares		Weighted
average
exercise price
per share
Weighted
average
remaining
contractual
term (in years)
Outstanding at December 31, 20252,088,550$23.49 7.91
Granted777,383$17.77 
Exercised(21,324)$9.43 
Expired/Forfeited(24,571)$23.18 
Outstanding at March 31, 20262,820,038$22.02 8.23
Exercisable at March 31, 20261,054,285$24.23 6.85
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of each option was estimated on the grant date using the weighted-average assumptions in the table below:
Three Months Ended
March 31,
20262025
Expected volatility
96.59%-97.43%
93.99%-96.49%
Risk-free interest rate
3.64%-3.91%
3.97%-4.42%
Expected life (in years)
5.27-6.98
5.60-6.96
Expected dividend yield— — 
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the three months ended March 31, 2026 is as follows:
RSUsNumber of SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2025256,361 $26.16 
Restricted stock units granted150,430 $17.64 
Restricted stock units vested(104,662)$28.16 
Restricted stock units forfeited(5,551)$25.81 
Unvested at March 31, 2026296,578 $21.14 
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
A summary of the Company’s performance stock unit (“PSU”) activity and related information for the three months ended March 31, 2026 is as follows:
PSUsNumber of SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2025252,124 $36.06 
Performance stock units granted— $— 
Performance stock units vested— $— 
Performance stock units forfeited— $— 
Unvested at March 31, 2026252,124 $36.06