| Schedule of stock-based compensation expense by class reflected in the Company's consolidated statements of operations related to stock options |
For the three months ended March 31, 2026, and 2025, the Company recorded stock-based compensation expense of $1,534 and $3,857, respectively. The following table provides stock-based compensation expense by class reflected in the Company’s condensed consolidated statements of operations related to stock options (including stock options with performance conditions) for the three months ended March 31, 2026, and 2025 (in thousands): | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Research and development | | $ | 240 | | $ | 347 | Selling, general and administrative | | | 1,294 | | | 3,510 | Total | | $ | 1,534 | | $ | 3,857 |
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The following table provides stock-based compensation expense by class reflected in the Company’s consolidated statements of operations related to stock options (including stock options with performance conditions) for the years ended December 31, 2025, and 2024 (in thousands): | | | | | | | | | | | | | | | | Year ended December 31, | | | 2025 | | 2024 | Research and development | | $ | 1,001 | | $ | 677 | Selling, general and administrative | | | 8,448 | | | 8,448 | Total | | $ | 9,449 | | $ | 9,125 |
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| Schedule of stock options activity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | | | | Average | | | | | | | | | | | Remaining | | | | | | | | Weighted- | | Contractual | | Aggregate | | | Number of | | Average | | Term | | Intrinsic Value | | | Options | | Exercise Price | | (Years) | | (in thousands) | Outstanding as of December 31, 2024 (1) | | 5,085,269 | | $ | 6.78 | | 7.28 | | $ | 1,172 | Granted | | 594,691 | | | 3.23 | | | | | | Exercised | | (300) | | | 8.21 | | | | | — | Cancelled or forfeited | | (555,215) | | | 3.86 | | | | | | Outstanding as of March 31, 2025 | | 5,124,445 | | $ | 3.00 | | 7.11 | | $ | 1,172 | Options vested and expected to vest as of March 31, 2025 (2) | | 5,004,445 | | $ | 3.00 | | 7.08 | | | | Exercisable as of March 31, 2025 | | 3,696,298 | | $ | 2.91 | | 6.68 | | $ | 1,172 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | | | | Average | | | | | | | | | | | Remaining | | | | | | | | Weighted- | | Contractual | | Aggregate | | | Number of | | Average | | Term | | Intrinsic Value | | | Options | | Exercise Price | | (Years) | | (in thousands) | Outstanding as of December 31, 2025 (3) | | 5,546,772 | | $ | 3.83 | | 6.94 | | $ | 31,996 | Granted | | 33,580 | | | 25.45 | | | | | | Exercised | | (29,252) | | | 3.10 | | 667 | | | | Cancelled or forfeited | | (12,179) | | | 5.08 | | | | | | Outstanding as of March 31, 2026 | | 5,538,921 | | $ | 4.03 | | 6.72 | | $ | 131,528 | Options vested and expected to vest as of March 31, 2026 (4) | | 5,448,921 | | $ | 4.05 | | 6.71 | | | | Exercisable as of March 31, 2026 | | 4,436,262 | | $ | 3.06 | | 6.18 | | $ | 109,673 |
| (1) | Includes 245,628 of stock options subject to performance conditions |
| (2) | Does not include 120,000 stock options subject to performance conditions which are improbable as of March 31, 2025. |
| (3) | Includes 215,628 of stock options subject to performance conditions |
| (4) | Does not include 90,000 stock options subject to performance conditions which are improbable as of March 31, 2026. |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted-Average | | | | | | | Weighted- | | Remaining | | Aggregate | | | Number of | | Average | | Contractual | | Intrinsic Value | | | Options | | Exercise Price | | Term (Years) | | (in thousands) | Outstanding as of December 31, 2024(1) | | 5,085,269 | | $ | 6.78 | | 7.28 | | $ | 1,172 | Granted | | 1,375,868 | | | 6.80 | | | | | | Exercised | | (5,477) | | | 3.50 | | | | | 26 | Cancelled or forfeited(2) | | (908,888) | | | 3.63 | | | | | | Outstanding as of December 31, 2025 | | 5,546,722 | | $ | 3.83 | | 6.94 | | $ | 31,996 | Options vested and expected to vest as of December 31, 2025(3) | | 5,366,772 | | $ | 3.76 | | 6.91 | | | | Exercisable as of December 31, 2025 | | 4,240,296 | | $ | 3.01 | | 6.39 | | $ | 28,248 |
(1)Includes 245,628 of stock options subject to performance conditions (2)Includes 30,000 of forfeited stock options subject to performance conditions. (3) | Does not include 90,000 stock options subject to performance conditions which are improbable as of December 31, 2025. |
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