Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Summary of Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consists of the following:
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|
|
|
|
|
June 30, 2026 |
|
Common stock warrants including pre-funded warrants |
|
|
3,950,228 |
|
Stock options, performance stock units and restricted stock units outstanding |
|
|
10,810,623 |
|
Shares available for issuance under the 2019 Incentive Plan |
|
|
4,752,307 |
|
Shares available for issuance under the ESPP Plan |
|
|
1,859,861 |
|
Shares available for issuance under the Inducement Plan |
|
|
409,661 |
|
Balance at June 30, 2026 |
|
|
21,782,680 |
|
|
| Summary of PSU Activity |
The following table summarizes PSU activity during the six months ended June 30, 2026:
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|
|
Number of
Stock Units |
|
|
Weighted-
Average Grant
Date Fair Value
Per Share |
|
Unvested balance at January 1, 2026 |
|
|
495,124 |
|
|
$ |
7.39 |
|
Granted |
|
|
58,914 |
|
|
|
10.86 |
|
Vested |
|
|
(154,077 |
) |
|
|
6.84 |
|
Forfeited |
|
|
(6,325 |
) |
|
|
5.76 |
|
Unvested balance at June 30, 2026 |
|
|
393,636 |
|
|
$ |
8.14 |
|
|
| Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards |
The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:
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Six Months Ended
June 30, |
|
|
2026 |
|
2025 |
Assumptions: |
|
|
|
|
Expected term (in years) |
|
0.49 |
|
0.49 |
Expected volatility |
|
61.01% |
|
86.93% |
Risk free interest rate |
|
3.60% |
|
4.26% |
Dividend yield |
|
— |
|
— |
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity and related information during the six months ended June 30, 2026 is as follows:
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|
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|
|
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|
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|
Options
Outstanding |
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|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Balance at January 1, 2026 |
|
|
9,443,623 |
|
|
$ |
8.32 |
|
|
|
6.45 |
|
|
$ |
80,509 |
|
Options granted |
|
|
345,282 |
|
|
|
15.67 |
|
|
|
|
|
|
|
Options exercised |
|
|
(1,844,515 |
) |
|
|
7.31 |
|
|
|
|
|
|
|
Options cancelled |
|
|
(615,054 |
) |
|
|
12.44 |
|
|
|
|
|
|
|
Balance at June 30, 2026 |
|
|
7,329,336 |
|
|
$ |
8.57 |
|
|
|
7.78 |
|
|
$ |
25,541 |
|
Options exercisable as of June 30, 2026 |
|
|
3,593,326 |
|
|
$ |
10.06 |
|
|
|
6.84 |
|
|
$ |
9,662 |
|
Vested and expected to vest as of June 30, 2026 |
|
|
7,329,336 |
|
|
$ |
8.57 |
|
|
|
7.78 |
|
|
$ |
25,541 |
|
|
| Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options |
The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
2026 |
|
2025 |
Assumptions: |
|
|
|
|
Expected term (in years) |
|
6.08 |
|
6.07 |
Expected volatility |
|
91.70% |
|
84.58% |
Risk free interest rate |
|
3.86% |
|
4.07% |
Dividend yield |
|
— |
|
— |
|
| Summary of Stock-Based Compensation Expense |
Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):
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|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development expense |
|
$ |
1,126 |
|
|
$ |
1,650 |
|
|
$ |
1,925 |
|
|
$ |
2,980 |
|
Selling, general and administrative expense |
|
|
5,586 |
|
|
|
6,622 |
|
|
|
10,321 |
|
|
|
10,832 |
|
Total |
|
$ |
6,712 |
|
|
$ |
8,272 |
|
|
$ |
12,246 |
|
|
$ |
13,812 |
|
|
| Restricted Stock Units (RSUs) |
|
| Summary of Unvested Shares |
The following table summarizes RSU activity during the six months ended June 30, 2026:
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|
|
|
|
|
|
|
|
Number of
Stock Units |
|
|
Weighted-
Average Grant
Date Fair Value
Per Share |
|
Unvested balance at January 1, 2026 |
|
|
2,154,584 |
|
|
$ |
6.73 |
|
Granted |
|
|
1,746,645 |
|
|
|
13.22 |
|
Vested |
|
|
(730,313 |
) |
|
|
6.40 |
|
Forfeited |
|
|
(83,265 |
) |
|
|
10.29 |
|
Unvested balance at June 30, 2026 |
|
|
3,087,651 |
|
|
$ |
10.38 |
|
|