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

Total stock-based compensation expense recognized was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

872

 

 

$

1,607

 

 

$

1,707

 

 

$

3,227

 

General and administrative

 

 

569

 

 

 

1,301

 

 

 

1,037

 

 

 

2,861

 

Total stock-based compensation

 

$

1,441

 

 

$

2,908

 

 

$

2,744

 

 

$

6,088

 
Summary of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2026 is set forth below:

 

 

 

Number of
Shares
Underlying
Outstanding
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding, December 31, 2025

 

 

763,464

 

 

$

40.23

 

 

 

8.0

 

 

$

—

 

Options granted

 

 

1,003,011

 

 

$

7.02

 

 

 

 

 

 

 

Options exercised

 

 

(105

)

 

$

7.04

 

 

 

 

 

 

 

Options forfeited or cancelled

 

 

(71,629

)

 

$

59.77

 

 

 

 

 

 

 

Outstanding, June 30, 2026

 

 

1,694,741

 

 

$

19.75

 

 

 

8.9

 

 

$

1,612

 

Options exercisable, June 30, 2026

 

 

482,475

 

 

$

42.88

 

 

 

7.4

 

 

$

94

 

Vested and expected to vest, June 30, 2026

 

 

1,694,741

 

 

$

19.75

 

 

 

8.9

 

 

$

1,612

 
Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model

The assumptions used in the Black-Scholes option-pricing model to calculate stock-based compensation are as follows:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

Fair value of common stock

 

$8.1 - $8.1

 

$8.48 - $12.48

 

$6.81 - $8.1

 

$8.48 - $14.4

Expected term (years)

 

5.5 - 6.02

 

5.5 - 6.1

 

5.5 - 6.08

 

5.5 - 6.1

Volatility

 

90.85% - 91.58%

 

89.9% - 94.0%

 

90.85% - 92.0%

 

88.3% - 94.0%

Risk free rates

 

4.26% - 4.29%

 

3.8% - 4.1%

 

3.62% - 4.29%

 

3.8% - 4.4%

Dividend rate

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 
Summary of Restricted Stock Unit Activity

The summary of RSU activity and related information for the six months ended June 30, 2026 is set forth below:

 

 

 

Number of Units Outstanding

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding, December 31, 2025

 

 

46,842

 

 

$

37.81

 

RSUs granted

 

 

50,138

 

 

$

7.04

 

RSUs vested

 

 

(22,175

)

 

$

54.00

 

RSUs forfeited

 

 

(4,142

)

 

$

19.78

 

Outstanding, June 30, 2026

 

 

70,663

 

 

$

11.97