v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense

Total stock-based compensation expense recognized was as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

835

 

 

$

1,620

 

General and administrative

 

 

468

 

 

 

1,560

 

Total stock-based compensation

 

$

1,303

 

 

$

3,180

 

Summary of Stock Option Activity

Stock Options

A summary of stock option activity for the three months ended March 31, 2026 is set forth below:

 

 

 

Number of
Shares
Underlying
Outstanding
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding, December 31, 2025

 

 

763,464

 

 

$

40.23

 

 

 

8.0

 

 

$

 

Options granted

 

 

867,811

 

 

$

6.85

 

 

 

 

 

 

 

Options exercised

 

 

 

 

$

 

 

 

 

 

 

 

Options forfeited or cancelled

 

 

(48,218

)

 

$

62.15

 

 

 

 

 

 

 

Outstanding, March 31, 2026

 

 

1,583,057

 

 

$

21.27

 

 

 

9.0

 

 

$

 

Options exercisable, March 31, 2026

 

 

399,651

 

 

$

50.71

 

 

 

7.2

 

 

$

 

Vested and expected to vest, March 31, 2026

 

 

1,583,057

 

 

$

21.27

 

 

 

9.0

 

 

$

 

 

Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model

The assumptions used in the Black-Scholes option-pricing model to calculate stock-based compensation are as follows:

 

 

 

Three Months Ended March 31,

 

 

2026

 

2025

Fair value of common stock

 

$6.81 - $7.99

 

$12.16 - $14.4

Expected term (years)

 

6.02 - 6.08

 

6.0 - 6.1

Volatility

 

91.38% - 92.00%

 

88.28% - 88.60%

Risk free rates

 

3.62% - 4.06%

 

4.03% - 4.43%

Dividend rate

 

0.0%

 

0.0%

Summary of Restricted Stock Unit Activity

The summary of RSU activity and related information for the three months ended March 31, 2026 is set forth below:

 

 

 

Number of Units Outstanding

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding, December 31, 2025

 

 

46,842

 

 

$

37.81

 

RSUs granted

 

 

50,138

 

 

$

7.04

 

RSUs vested

 

 

(19,555

)

 

$

59.57

 

RSUs forfeited

 

 

(2,922

)

 

$

23.54

 

Outstanding, March 31, 2026

 

 

74,503

 

 

$

11.96