v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Research and development expenses$2,350 $2,141 $4,540 $4,507 
General and administrative expenses2,800 2,907 5,354 5,628 
Total$5,150 $5,048 $9,894 $10,135 
Schedule of Assumptions Using the Black-Scholes Option-Pricing Model
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the six months ended June 30, 2026 and 2025:
June 30,
2026		June 30,
2025
Risk‑free interest rate3.68 %4.04 %
Expected volatility85 %78 %
Expected dividend yield— — 
Expected term (in years)6.016.00
Schedule of Stock Option Activity
The following table summarizes the Company's stock option activity during the six months ended June 30, 2026:
Number of
Shares		Weighted‑
Average
Exercise
Price
Outstanding as of December 31, 2025
5,960,989 $11.73 
Granted883,600 11.16 
Exercised(27,027)4.83 
Forfeited(49,314)13.71 
Outstanding as of June 30, 2026
6,768,248 $11.67 
Exercisable as of June 30, 2026
4,932,674 $11.64 
Schedule of Unvested Restricted Stock
A summary of restricted stock activity during the six months ended June 30, 2026 is as follows:
SharesWeighted‑
Average
Grant‑Date
Fair Value
Unvested as of December 31, 2025
2,284,277 $12.76 
Granted1,229,730 $11.28 
Vested(568,270)$12.78 
Forfeited(66,052)$13.06 
Unvested as of June 30, 2026
2,879,685 $12.12