Stockholders' Equity and Stock-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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| Summary of Total Stock-based Compensation Expense |
The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands):
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development |
$ |
3,459 |
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$ |
2,919 |
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$ |
6,749 |
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$ |
5,811 |
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General and administrative |
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3,632 |
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3,655 |
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7,240 |
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7,317 |
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Total stock-based compensation expense |
$ |
7,091 |
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$ |
6,574 |
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$ |
13,989 |
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$ |
13,128 |
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| Summary of Option Activity |
The following table summarizes the stock option activity for the six months ended June 30, 2026:
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Options |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term
(in years) |
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Aggregate
Intrinsic
Value
(in thousands) |
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Outstanding at December 31, 2025 |
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13,902,239 |
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$ |
6.49 |
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Granted |
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3,687,158 |
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$ |
8.46 |
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Exercised |
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(284,823 |
) |
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$ |
4.92 |
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Forfeited and cancelled |
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(154,203 |
) |
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$ |
8.39 |
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Outstanding at June 30, 2026 |
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17,150,371 |
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$ |
6.92 |
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7.2 |
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$ |
69,534 |
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Exercisable at June 30, 2026 |
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10,066,764 |
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$ |
5.78 |
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6.1 |
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$ |
53,012 |
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| Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions |
The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions:
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Six Months Ended
June 30, |
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2026 |
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2025 |
Risk-free interest rate |
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3.73% - 4.26% |
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3.92% - 4.43% |
Expected volatility |
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84.89% - 87.57% |
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83.11% - 85.76% |
Expected term (in years) |
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5.50 - 6.08 |
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5.50 - 6.08 |
Expected dividend yield |
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0% |
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0% |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock unit activity for the six months ended June 30, 2026:
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Number of Shares |
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Weighted-
Average
Grant-Date
Fair Value |
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Outstanding at December 31, 2025 |
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582,533 |
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$ |
8.96 |
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Granted |
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580,799 |
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$ |
8.47 |
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Vested |
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(18,309 |
) |
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$ |
8.51 |
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Forfeited |
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(20,565 |
) |
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$ |
8.53 |
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Outstanding at June 30, 2026 |
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1,124,458 |
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$ |
8.72 |
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| Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share |
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Options to purchase common stock |
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17,150,371 |
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14,249,525 |
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17,150,371 |
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14,249,525 |
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Non-vested restricted stock units |
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1,124,458 |
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923,573 |
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1,124,458 |
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923,573 |
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Total |
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18,274,829 |
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15,173,098 |
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18,274,829 |
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15,173,098 |
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