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

Stock-based compensation expense recognized for all equity awards has been reported in the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development expense

 

$

924

 

 

$

663

 

Selling, general and administrative expense

 

 

6,499

 

 

 

4,635

 

Total

 

$

7,423

 

 

$

5,298

 

Summary of Activity Related to Stock Option

A summary of the Company’s stock option activity for the three months ended March 31, 2026 is as follows:

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Shares

 

 

Weighted-

 

 

Average

 

 

Aggregate

 

 

 

Subject to

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Options

 

 

Exercise

 

 

Contractual

 

 

Value

 

 

 

Outstanding

 

 

Price

 

 

Life (Years)

 

 

(in thousands)

 

Outstanding at December 31, 2025

 

 

16,744,639

 

 

$

7.66

 

 

 

 

 

 

 

Granted

 

 

3,695,140

 

 

$

11.47

 

 

 

 

 

 

 

Exercised

 

 

(7,829

)

 

$

7.94

 

 

 

 

 

 

 

Forfeited

 

 

(106,634

)

 

$

13.13

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

20,325,316

 

 

$

8.32

 

 

 

7.5

 

 

$

35,565

 

Exercisable at March 31, 2026

 

 

11,443,597

 

 

$

6.61

 

 

 

6.5

 

 

$

32,164

 

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following assumptions:

 

 

Three Months Ended March 31,

 

 

2026

 

2025

Expected term (in years)

 

6.0 - 6.1

 

6.0 - 6.1

Expected volatility

 

84.6% - 85.2%

 

86.0% – 87.3%

Risk-free interest rate

 

3.7% - 4.0%

 

4.0% – 4.4%

Expected dividend yield

 

0%

 

0%