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

The following table summarizes the Company’s stock option activity since December 31, 2025:

 

 

 

Number
of Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

 

 

Outstanding as of December 31, 2025

 

 

1,124,208

 

 

$

68.07

 

 

 

7.17

 

 

$

228

 

Granted

 

 

586,605

 

 

$

8.78

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(162,123

)

 

$

92.07

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

1,548,690

 

 

$

43.10

 

 

 

7.77

 

 

$

—

 

Vested or expected to vest as of June 30, 2026

 

 

1,548,690

 

 

$

43.10

 

 

 

7.77

 

 

$

—

 

Options exercisable as of June 30, 2026

 

 

624,069

 

 

$

87.66

 

 

 

5.84

 

 

$

—

 
Summary of Restricted and Performance Stock Unit Activity

The following table summarizes the Company’s RSU and PSU activity since December 31, 2025:

 

 

 

Number
of Shares

 

 

Weighted
Average Grant
Date Fair
Value

 

Unvested restricted stock units as of December 31, 2025

 

 

24,150

 

 

$

57.31

 

Granted

 

 

173,385

 

 

$

8.74

 

Vested

 

 

(9,383

)

 

$

68.97

 

Forfeited

 

 

(26,404

)

 

$

10.84

 

Unvested restricted stock units as of June 30, 2026

 

 

161,748

 

 

$

12.15

 
Summary of Stock Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive (loss) income (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expenses

 

$

769

 

 

$

1,011

 

 

$

1,494

 

 

$

2,341

 

General and administrative expenses

 

 

970

 

 

 

1,329

 

 

 

2,011

 

 

 

2,818

 

 

 

$

1,739

 

 

$

2,340

 

 

$

3,505

 

 

$

5,159