v3.26.1
Equity Incentive Plans and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Summary of Stock Option Activity

A summary of the Company’s stock option activity for the period ended June 30, 2026 is as follows (in thousands, except share and per share data and years):

 

 

Options

 

 

Weighted-Average
Exercise
Price per Share

 

 

Weighted-Average
Remaining
Contractual Term

 

 

Aggregate
Intrinsic Value

 

Outstanding at December 31, 2025

 

 

13,617,445

 

 

$

12.58

 

 

 

8.0

 

 

$

186,669

 

Granted

 

 

2,726,346

 

 

$

33.43

 

 

 

 

 

 

 

Exercised

 

 

(1,219,678

)

 

$

11.44

 

 

 

 

 

 

 

Forfeited and expired

 

 

(714,749

)

 

$

14.33

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

14,409,364

 

 

$

16.54

 

 

 

7.8

 

 

$

226,331

 

Exercisable at June 30, 2026

 

 

6,473,183

 

 

$

11.74

 

 

 

6.3

 

 

$

130,844

 

Vested and expected to vest as of June 30, 2026

 

 

14,409,364

 

 

$

16.54

 

 

 

7.8

 

 

$

226,331

 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options was estimated using the following assumptions:

 

 

Six Months Ended
June 30,

 

 

 

2026

 

2025

 

Risk-free rate of interest

 

3.7 - 4.3%

 

3.8 - 4.4%

 

Expected term (years)

 

5.3 - 6.1

 

5.3 - 6.1

 

Expected stock price volatility

 

72.9 - 81.9%

 

86.3 - 95.4%

 

Dividend yield

 

—

 

—

 
Summary of RSU Activity grant fair value The fair value of RSUs is based on the closing price of the

Company's common stock on the grant date. A summary of the Company’s RSU activity for the period ended June 30, 2026 is as follows:

 

 

RSUs

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at December 31, 2025

 

 

—

 

 

$

—

 

Granted

 

 

487,467

 

 

$

33.93

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(31,717

)

 

$

33.93

 

Outstanding at June 30, 2026

 

 

455,750

 

 

$

33.93

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense recognized for all equity awards, including stock options, RSUs and ESPP, has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expense

 

$

5,770

 

 

$

3,690

 

 

$

10,277

 

 

$

7,368

 

General and administrative expense

 

 

4,462

 

 

 

2,690

 

 

 

7,802

 

 

 

5,434

 

Total

 

$

10,232

 

 

$

6,380

 

 

$

18,079

 

 

$

12,802