Equity-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2026 |
|---|
| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Activity |
The table below summarizes the activity with respect to stock options for the three months ended March 31, 2026:
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Number of
Options |
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Weighted
Average
Exercise
Price |
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Remaining Contractual Life (in years) |
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|
Aggregate Intrinsic Value |
|
Outstanding at January 1, 2026 |
|
|
4,378,145 |
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|
$ |
12.04 |
|
|
|
8.23 |
|
|
$ |
1,077 |
|
Granted |
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|
1,760,362 |
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|
$ |
6.59 |
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|
|
|
|
|
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Exercised |
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|
(5,122 |
) |
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$ |
3.45 |
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|
|
|
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Expired |
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(362 |
) |
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$ |
166.00 |
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Forfeitures |
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(3,633 |
) |
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$ |
6.78 |
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|
|
|
|
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Outstanding at March 31, 2026 |
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|
6,129,390 |
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$ |
10.47 |
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|
8.50 |
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|
$ |
5,431 |
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Vested and expected to vest at March 31, 2026 |
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|
6,129,390 |
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|
$ |
10.47 |
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|
|
8.50 |
|
|
$ |
5,431 |
|
Exercisable at March 31, 2026 |
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|
2,000,461 |
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$ |
19.20 |
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|
6.95 |
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$ |
1,182 |
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| Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted |
The assumptions used in the Black-Scholes option-pricing model for all stock options granted during each period presented are as follows:
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Three Months Ended
March 31, |
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|
2026 |
|
2025 |
Common stock price |
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$5.45 - $6.60 |
|
$4.10 |
Expected volatility |
|
96.6% -97.4% |
|
112.1% |
Expected dividends |
|
0.0% |
|
0.0% |
Expected term (in years) |
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5.31 - 6.08 |
|
5.31 |
Risk-free rate |
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3.8% - 3.9% |
|
4.4% |
T
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| Schedule of Equity-based Compensation Expense |
The Company has classified equity-based compensation expense in its condensed consolidated statements of operations as follows:
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Three Months Ended
March 31, |
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2026 |
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2025 |
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Research and development |
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$ |
1,900 |
|
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$ |
1,102 |
|
General and administrative |
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|
3,252 |
|
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|
2,239 |
|
Total |
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$ |
5,152 |
|
|
$ |
3,341 |
|
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| Summary of Restricted Stock Unit Activity |
The following table summarizes activity with respect to RSUs during the three months ended March 31, 2026:
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Units |
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Weighted-
Average
Grant Date
Fair Value |
|
Nonvested RSUs at January 1, 2026 |
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3,809,777 |
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|
$ |
4.93 |
|
Granted |
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|
2,232,271 |
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|
$ |
6.58 |
|
Vested |
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|
(675,385 |
) |
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$ |
4.64 |
|
Forfeitures |
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|
(52,146 |
) |
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$ |
5.70 |
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Nonvested RSUs at March 31, 2026 |
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|
5,314,517 |
|
|
$ |
5.65 |
|
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| Summary of Performance Stock Units Activity |
The following table summarizes activity with respect to PSUs during the three months ended March 31, 2026:
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Units |
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Weighted
Average
Grant Date
Fair Value |
|
Nonvested PSUs at January 1, 2026 |
|
|
2,074,188 |
|
|
$ |
7.51 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
Vested |
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|
(518,546 |
) |
|
$ |
7.51 |
|
Forfeitures |
|
|
— |
|
|
$ |
— |
|
Nonvested PSUs at March 31, 2026 |
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|
1,555,642 |
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|
$ |
7.51 |
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