v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Award Activity

The following is a summary of option activity for employee awards under the 2018 Plan, the 2021 Plan, the 2026 Plan, the 2026 Inducement Plan, inducement grants outside any plan and the assumed options for the six months ended June 30, 2026:

 

 

 

Number
of Stock
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2025

 

 

272,244

 

 

$

80.56

 

 

 

6.98

 

 

$

138

 

Granted

 

 

3,107,976

 

 

$

27.06

 

 

 

 

 

 

 

Assumed Options

 

 

252,210

 

 

$

1.34

 

 

 

 

 

 

 

Exercised

 

 

(134,185

)

 

$

8.42

 

 

 

 

 

 

 

Forfeited

 

 

(39,374

)

 

$

12.85

 

 

 

 

 

 

 

Expired

 

 

(10,130

)

 

$

150.58

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

3,448,741

 

 

$

29.93

 

 

 

9.39

 

 

$

6,478

 

       Vested or expected to vest as of June 30, 2026

 

 

3,448,741

 

 

$

29.93

 

 

 

9.39

 

 

$

6,478

 

Exercisable at June 30, 2026

 

 

182,672

 

 

$

103.25

 

 

 

4.25

 

 

$

1,618

 

Summary of Restricted Stock Unit Activity

The following is a summary of the restricted stock unit activity during the six months ended June 30, 2026:

 

 

Restricted Stock Units

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested at December 31, 2025

 

 

2,136

 

 

$

52.17

 

   Vested

 

 

(1,505

)

 

$

62.05

 

   Forfeited

 

 

(489

)

 

$

28.60

 

Unvested at June 30, 2026

 

 

142

 

 

$

28.60

 

Summary of Common Stock Warrant Activity

The following is a summary of the common stock warrant activity during the six months ended June 30, 2026:

 

 

Number
of Common
Stock
Warrants

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value (in
thousands)

 

Outstanding and exercisable at December 31, 2025

 

 

229

 

 

$

217.49

 

 

 

1.98

 

 

$

 

Outstanding and exercisable at June 30, 2026

 

 

229

 

 

$

217.49

 

 

 

1.49

 

 

$

 

Summary of Fair Value Assumptions and Methodology The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:

 

 

For the Six Months Ended June 30,

 

 

2026

 

2025

Volatility

 

95%-122%

 

94%-96%

Expected term (years)

 

2.3-6.1

 

5.5-6.0

Risk-free interest rate

 

3.5%-4.3%

 

4.2%-4.4%

Dividend rate

 

—%

 

—%

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following line items in the condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,573

 

 

$

82

 

 

$

7,071

 

 

$

208

 

General and administrative

 

 

2,910

 

 

 

182

 

 

 

10,310

 

 

 

517

 

Total stock-based compensation expense

 

$

4,483

 

 

$

264

 

 

$

17,381

 

 

$

725