v3.26.1
Equity Incentive Plans and Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Significant Assumptions The significant assumptions used in these calculations are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Expected term (in years)
5.3 - 6.1
5.3 - 6.0
5.3 - 6.1
5.3 - 6.0
Expected volatility
75.5% - 80.7%
97.5% - 103.0%
75.5% - 82.0%
97.5% - 103.0%
Expected dividend rate0.0 %0.0 %0.0 %0.0 %
Risk free interest rate
3.91% - 4.29%
3.90% - 4.04%
3.69% - 4.29%
3.90% - 4.04%
Schedule of Option Award Activity
The following table summarizes option award activity during the six months ended June 30, 2026:
Number of Stock Option AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025
17,270,870 $3.22 
Granted3,614,000 $2.37 
Exercised(670,244)$1.80 
Forfeited(923,289)$2.97 
Outstanding as of June 30, 2026
19,291,337 $3.12 7.1$4,701 
Options vested and expected to vest as of June 30, 2026
19,291,337 $3.12 
Vested and exercisable at June 30, 2026
12,308,094 $3.74 6.0$2,986 
Schedule of Stock-Based Compensation Expense
The following sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statement of operations:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Research and development$459 $686 $982 $1,454 
Selling, general and administrative
699 1,023 1,538 2,423 
Total stock-based compensation expense$1,158 $1,709 $2,520 $3,877