Stock-Based Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | 8. Stock-Based Compensation 2023 Inducement Plan As of March 31, 2026, the Company had 2,455,518 shares of its common stock available for future issuance under the 2023 Inducement Plan. Amended and Restated 2021 Equity Incentive Plan As of March 31, 2026, the Company had 1,497,093 shares of its common stock available for future issuance under its Amended and Restated 2021 Equity Incentive Plan. Stock Options The Company’s stock options generally vest ratably over a four-year period and have a contractual term of ten years. The weighted-average assumptions used principally in determining the fair value of new options granted during the periods presented were as follows:
During the three months ended March 31, 2026 and 2025, the Company granted new stock options to purchase 420,500 shares and 202,163 shares of its common stock, respectively, with a weighted-average grant-date fair value of $11.75 and $19.80 per share, respectively. As of March 31, 2026, total unrecognized compensation expense related to stock options was $109.8 million, which is expected to be recognized over a weighted-average period of 3.3 years. There were no stock options exercised during the three months ended March 31, 2026. There were 7,017,122 options outstanding as of March 31, 2026. Restricted Stock Units During the three months ended March 31, 2026 and 2025, the Company granted 161,415 restricted stock units and 61,200 restricted stock units, respectively, with a weighted-average grant date fair value of $14.86 and $26.40 per share, respectively. As of March 31, 2026, total unrecognized compensation expense related to restricted stock units was $7.8 million, which is expected to be recognized over a weighted-average period of 3.6 years. There were 346,325 unvested restricted stock units as of March 31, 2026. Employee Stock Purchase Plan As of March 31, 2026, the Company had 205,932 shares of its common stock available for issuance under its Employee Stock Purchase Plan (“ESPP”). The Company did not issue any shares of common stock under the ESPP during the three months ended March 31, 2026 or 2025. Stock-Based Compensation Stock-based compensation expense was allocated as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||