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

The following table summarizes stock option activity:

 

 

Shares

 

 

Weighted
Average
Exercise
Price

 

 

 

 

 

 

(in dollars)

 

Outstanding as of December 31, 2025

 

 

12,050,796

 

 

$

1.90

 

Granted

 

 

4,322,073

 

 

$

0.89

 

Exercised

 

 

—

 

 

$

—

 

Cancelled

 

 

(472,717

)

 

$

1.90

 

Outstanding as of June 30, 2026

 

 

15,900,152

 

 

$

1.66

 
Summary of Fair Value of Stock Option Awards

The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2026

 

2025

 

2026

 

2025

Expected term (in years)

 

5.5

 

5.5 – 6.1

 

5.5 – 6.0

 

5.5 – 6.1

Expected volatility

 

83%

 

87% – 90%

 

83% – 85%

 

87% – 91%

Risk-free interest rate

 

4.2%

 

4.1% – 4.2%

 

3.9% – 4.2%

 

4.1% – 4.5%

Expected dividend yield

 

—%

 

—%

 

—%

 

—%
Summary of Restricted Stock Activity The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan.

 

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value
per Share

 

 

 

 

 

 

(in dollars)

 

Unvested as of December 31, 2025

 

 

1,536,234

 

 

$

2.39

 

  Granted

 

 

1,237,092

 

 

$

0.91

 

  Vested

 

 

(439,949

)

 

$

2.53

 

  Forfeited

 

 

(123,653

)

 

$

2.03

 

Unvested as of June 30, 2026

 

 

2,209,724

 

 

$

1.56

 

 
Summary of Stock-based Compensation

The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

884

 

 

$

1,873

 

 

$

2,085

 

 

$

3,920

 

General and administrative

 

 

817

 

 

 

1,762

 

 

 

1,812

 

 

 

3,447

 

  Total stock-based compensation

 

$

1,701

 

 

$

3,635

 

 

$

3,897

 

 

$

7,367