Stock-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Fair Value Assumptions |
The assumptions that the Company used to determine the estimated grant-date fair value of stock options granted to employees and directors under the 2020 Plan and the 2022 Inducement Plan were as follows, presented as a weighted average:
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March 31, |
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March 31, |
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2026 |
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2025 |
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Risk-free interest rate |
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3.93 |
% |
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4.12 |
% |
Expected term (in years) |
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6.08 |
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6.08 |
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Expected volatility |
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88.29 |
% |
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78.15 |
% |
Expected dividend yield |
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— |
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— |
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| Schedule of Stock Option Activity |
The following table summarizes the stock option activity under the 2014 Plan, the 2020 Plan and the 2022 Inducement Plan:
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Weighted |
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Weighted |
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Average |
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Average |
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Remaining |
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Aggregate |
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Number of |
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Exercise |
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Contractual |
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Intrinsic |
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Shares |
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Price |
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Term |
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Value |
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(in years) |
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(in thousands) |
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Outstanding as of December 31, 2025 |
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14,429,539 |
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$ |
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8.89 |
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7.40 |
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$ |
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235,660 |
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Granted |
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3,502,128 |
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25.53 |
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— |
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— |
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Exercised¹ |
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(747,767 |
) |
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5.51 |
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— |
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— |
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Forfeited |
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(134,005 |
) |
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10.14 |
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— |
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— |
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Outstanding as of March 31, 2026 |
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17,049,895 |
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$ |
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12.45 |
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7.70 |
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$ |
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91,891 |
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Options vested and exercisable as of March 31, 2026 |
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8,051,649 |
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10.08 |
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6.18 |
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50,615 |
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Options expected to vest as of March 31, 2026 |
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8,998,246 |
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14.56 |
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9.06 |
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41,276 |
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¹ Exercised amount includes 3,984 shares withheld for taxes and net exercise transactions. |
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| Summary of RSU Activity |
The following table summarizes the RSU activity during the three months ended March 31, 2026:
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Weighted |
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Average |
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Number of |
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Grant Date |
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Shares |
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Fair Value |
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Outstanding as of December 31, 2025 |
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— |
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$ |
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— |
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Granted |
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411,845 |
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25.65 |
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Vested |
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— |
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— |
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Forfeited |
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(9,038 |
) |
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25.65 |
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Outstanding as of March 31, 2026 |
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402,807 |
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$ |
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25.65 |
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Shares expected to vest as of March 31, 2026 |
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402,807 |
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25.65 |
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| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense related to awards granted under the 2014 Plan, the 2020 Plan, the ESPP and the 2022 Inducement Plan was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
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Three Months Ended March 31, |
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2026 |
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2025 |
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Research and development |
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$ |
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6,571 |
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$ |
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3,301 |
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General and administrative |
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3,577 |
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1,077 |
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Total |
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$ |
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10,148 |
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$ |
|
4,378 |
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| Market-based Stock Options |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Fair Value Assumptions |
The Company estimated the grant-date fair value of these awards using a Monte Carlo simulation model incorporating the following assumptions:
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March 31, |
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|
2026 |
|
Risk-free interest rate |
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4.00 |
% |
Expected term (in years) |
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|
6.95 |
|
Expected volatility |
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|
103.54 |
% |
Expected dividend yield |
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— |
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| Schedule of Stock Option Activity |
The following table summarizes the market-based stock options activity during the three months ended March 31, 2026:
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Weighted |
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Weighted |
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Average |
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Average |
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Remaining |
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Number of |
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Exercise |
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Contractual |
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Shares |
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Price |
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Term |
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(in years) |
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Outstanding as of December 31, 2025 |
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— |
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$ |
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— |
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— |
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Granted |
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668,750 |
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25.65 |
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9.85 |
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Exercised |
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— |
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— |
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— |
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Forfeited |
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— |
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— |
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— |
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Outstanding and exercisable as of March 31, 2026 |
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668,750 |
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$ |
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25.65 |
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9.85 |
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