Share-Based Payment Awards (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Stock Option Activity Under Plan |
The following table provides a reconciliation of stock option activity under the Company’s equity incentive plan and for inducement awards for the six months ended June 30, 2026:
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Number of
Options |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Life |
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Aggregate
Intrinsic
Value |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2025 |
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9,665,842 |
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$ |
11.54 |
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|
7.38 |
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|
73,168 |
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Granted |
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3,027,416 |
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16.40 |
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Exercised |
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(168,443 |
) |
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7.14 |
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Forfeited |
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(376,506 |
) |
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12.23 |
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Expired |
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(58,828 |
) |
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21.11 |
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Outstanding at June 30, 2026 |
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12,089,481 |
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$ |
12.75 |
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|
7.55 |
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$ |
41,432 |
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Exercisable at June 30, 2026 |
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6,326,143 |
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$ |
11.64 |
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|
6.30 |
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$ |
28,608 |
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| Schedule of Key Assumptions Used |
The fair value of the share-based awards was measured with the following range of assumptions for the six months ended June 30, 2026:
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Six Months Ended |
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June 30, 2026 |
Option life (in years) |
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5.5 - 6.1 |
Stock volatility |
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96% - 99% |
Risk-free interest rate |
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3.68% - 4.31% |
Expected dividends |
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0.0% |
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| Summary of Information about Stock Options |
The following table summarizes information about employee, non-executive director and external consultant stock options for the six months ended June 30, 2026 (in thousands except per share amount):
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Six Months Ended |
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June 30, 2026 |
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Weighted average grant date fair value per share |
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$ |
13.12 |
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Total cash received from exercise of stock options |
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1,203 |
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Total intrinsic value of stock options exercised |
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1,323 |
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| Summary of Restricted Stock Unit Activity |
The following table provides a reconciliation of RSU activity under the 2016 Plan and the 2023 Plan for the six months ended June 30, 2026:
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Number of Restricted Stock Units |
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Weighted Average Grant Date Fair Value |
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Nonvested at December 31, 2025 |
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1,473,538 |
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$ |
10.37 |
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Granted |
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|
898,119 |
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17.48 |
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Vested |
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(704,086 |
) |
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9.63 |
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Forfeited |
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(57,945 |
) |
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13.47 |
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Nonvested at June 30, 2026 |
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1,609,626 |
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$ |
14.55 |
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| Compensation Expense from Stock-Based Payment Awards |
The Company’s condensed consolidated statements of operations and comprehensive loss included total compensation expense from stock-based payment awards as follows (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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Compensation expense included in: |
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Research and development |
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$ |
6,047 |
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$ |
3,178 |
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$ |
12,057 |
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$ |
6,642 |
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General and administrative |
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4,351 |
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3,698 |
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|
9,979 |
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|
8,054 |
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Total |
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$ |
10,398 |
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$ |
6,876 |
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$ |
22,036 |
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$ |
14,696 |
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