Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Stock-Based Compensation Expense Recorded in Statements of Operations |
The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
Research and development |
|
$ |
1,089 |
|
|
$ |
2,270 |
|
General and administrative |
|
|
911 |
|
|
|
1,562 |
|
|
|
$ |
2,000 |
|
|
$ |
3,832 |
|
|
| Summary of Stock Option Activity |
The following table summarizes stock option activity for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of shares |
|
|
Weighted
average
exercise price
per share |
|
|
Weighted
average
remaining
contractual
term (years) |
|
Outstanding at December 31, 2025 |
|
|
14,727,692 |
|
|
$ |
7.68 |
|
|
|
6.80 |
|
Granted |
|
|
3,570,250 |
|
|
$ |
2.30 |
|
|
|
|
Exercised |
|
|
(26,463 |
) |
|
$ |
1.16 |
|
|
|
|
Forfeited |
|
|
(583,766 |
) |
|
$ |
12.95 |
|
|
|
|
Outstanding at March 31, 2026 |
|
|
17,687,713 |
|
|
$ |
6.43 |
|
|
|
7.21 |
|
Exercisable at March 31, 2026 |
|
|
10,101,993 |
|
|
$ |
9.34 |
|
|
|
5.86 |
|
|
| Summary of Information about Stock Options Outstanding |
The following table summarizes information about stock options outstanding at March 31, 2026 under the Plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
|
Options Exercisable |
|
Range of Exercise Prices |
|
Number
Outstanding |
|
|
Weighted Average
Remaining
Contractual Life
(in years) |
|
|
Weighted
Average
Exercise
Price |
|
|
Number
Exercisable |
|
|
Weighted
Average
Exercise
Price |
|
$0.31 - $2.09 |
|
|
4,864,197 |
|
|
|
6.88 |
|
|
$ |
1.37 |
|
|
|
2,558,956 |
|
|
$ |
1.60 |
|
$2.10 - $4.43 |
|
|
4,277,350 |
|
|
|
9.53 |
|
|
|
2.55 |
|
|
|
432,778 |
|
|
|
3.79 |
|
$4.44 - $7.50 |
|
|
4,714,930 |
|
|
|
7.21 |
|
|
|
5.53 |
|
|
|
3,280,908 |
|
|
|
5.66 |
|
$7.51 - $74.45 |
|
|
3,831,236 |
|
|
|
5.06 |
|
|
|
18.29 |
|
|
|
3,829,351 |
|
|
|
18.30 |
|
|
|
|
17,687,713 |
|
|
|
|
|
|
|
|
|
10,101,993 |
|
|
|
|
|
| Schedule of Fair Value of Each Option Estimated on Date of Grant Using Weighted Average Assumptions |
The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Expected volatility |
|
|
114.01 |
% |
|
|
86.50 |
% |
Risk-free interest rate |
|
|
3.91 |
% |
|
|
4.32 |
% |
Expected life (in years) |
|
|
6.07 |
|
|
|
6.07 |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
|
| Summary of Activity related to RSU Stock-Based Payment Awards |
The following table summarizes activity related to RSU stock-based payment awards:
|
|
|
|
|
|
|
|
|
|
|
Number of
shares |
|
|
Weighted-average
grant date fair
value |
|
Unvested balance at December 31, 2025 |
|
|
220,500 |
|
|
$ |
1.43 |
|
Granted |
|
|
292,325 |
|
|
$ |
2.30 |
|
Vested |
|
|
(59,557 |
) |
|
$ |
1.70 |
|
Forfeited |
|
|
(14,188 |
) |
|
$ |
1.82 |
|
Unvested balance at March 31, 2026 |
|
|
439,080 |
|
|
$ |
1.96 |
|
|