Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of weighted-average assumptions |
The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the six months ended June 30, 2026 and June 30, 2025: | | | | | | | | | | | | | Six Months Ended | | Six Months Ended | | June 30, 2026 | | June 30, 2025 | | Expected term (in years) | 6.0 | | 6.1 | | Expected volatility | 108.1% | | 97.3% | | Risk-free interest rate | 4.0% | | 4.1% | | Dividend yield | 0.0% | | 0.0% |
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| Schedule of stock option activity |
The following table summarizes the stock option activity during the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Options | | Weighted
Average
Exercise Price | | Weighted Average
Remaining
Contractual Term
(Years) | | Aggregate
Intrinsic
Value
(thousands) | | Outstanding balance as of December 31, 2025 | 6,186,318 | | $ | 10.00 | | | 9.5 | | $ | 14,715 | | | Granted | 525,389 | | 15.13 | | | | | | | Exercised | — | | — | | | | | | | Forfeited or expired | (107,029) | | 12.53 | | | | | | | Outstanding balance as of June 30, 2026 | 6,604,678 | | $ | 10.37 | | | 9.0 | | $ | 50,637 | | | Vested and expected to vest as of June 30, 2026 | 6,604,678 | | $ | 10.37 | | | 9.0 | | $ | 50,637 | | | Exercisable as of June 30, 2026 | 1,555,780 | | $ | 8.51 | | | 8.8 | | $ | 14,769 | |
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| Schedule of RSU and RSA activity |
The following table summarizes the RSU activity during the six months ended June 30, 2026: | | | | | | | | | | | | | Number of
RSUs | | Weighted Average
Grant Date Fair Value | | Unvested balance as of December 31, 2025 | 741,454 | | $ | 9.04 | | | Granted | — | | — | | | Vested | (174,105) | | 7.66 | | | Forfeited | (6,179) | | 13.21 | | | Unvested balance as of June 30, 2026 | 561,170 | | $ | 9.42 | |
The following table summarizes the RSA activity during the six months ended June 30, 2026: | | | | | | | | | | | | | Number of
RSAs | | Weighted Average
Grant Date Fair
Value | | Unvested balance as of December 31, 2025 | 82,129 | | $ | 2.76 | | | Granted | — | | — | | | Vested | (14,858) | | 2.77 | | | Forfeited | — | | — | | | Unvested balance as of June 30, 2026 | 67,271 | | $ | 2.76 | |
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| Schedule of fair value of warrants |
The following table summarizes the assumptions used in calculating the fair value of the warrants as of June 30, 2025 : | | | | | | | | | | Expected term (in years) | | 10.0 | | Expected volatility | | 96.8% | | Risk-free interest rate | | 4.2% | | Dividend yield | | 0.0% |
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| Schedule of share-based compensation expense |
The following table summarizes the classification of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2026 | | Six Months Ended
June 30, 2026 | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | General and administrative | $ | 2,269 | | | $ | 4,410 | | | $ | 3,639 | | | $ | 4,078 | | | Research and development | 1,696 | | | 3,668 | | | 1,701 | | | 2,491 | | | Total share-based compensation expense | $ | 3,965 | | | $ | 8,078 | | | $ | 5,340 | | | $ | 6,569 | |
The following table summarizes the total unrecognized compensation cost (in thousands) and weighted average recognition period for the Company’s awards as of June 30, 2026: | | | | | | | | | | | | | Total Unrecognized Compensation | | Weighted Average Recognition Period | | Unvested stock options | $ | 42,311 | | | 3.1 years | | Unvested RSAs | $ | 184 | | | 2.2 years | | Unvested RSUs | $ | 5,218 | | | 3.2 years |
The following table summarizes the award types of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2026 | | Six Months Ended
June 30, 2026 | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | Stock options | $ | 3,440 | | | $ | 6,621 | | | $ | 3,721 | | | $ | 4,135 | | | RSAs | 22 | | | 41 | | | 182 | | | 203 | | | RSUs | 411 | | | 821 | | | 165 | | | 196 | | | ESPP | 92 | | | 172 | | | — | | | — | | | Parascent warrant obligation | — | | | 423 | | | 1,272 | | | 2,035 | | | Total share-based compensation expense | $ | 3,965 | | | $ | 8,078 | | | $ | 5,340 | | | $ | 6,569 | |
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