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 the Company’s stock option activity during the six months ended June 30, 2026:

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(In Years)

 

 

Aggregate
Intrinsic
Value
(in
thousands)

 

Outstanding at January 1, 2026

 

 

2,186,531

 

 

$

2.82

 

 

 

7.81

 

 

$

1,567

 

Granted

 

 

172,743

 

 

$

8.10

 

 

 

 

 

 

 

Exercised

 

 

(55,185

)

 

$

2.79

 

 

 

 

 

 

 

Cancelled

 

 

(51,709

)

 

$

7.17

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

2,252,380

 

 

$

3.19

 

 

 

7.53

 

 

$

21,614

 

Vested and expected to vest at
   June 30, 2026

 

 

2,252,380

 

 

$

3.19

 

 

 

7.53

 

 

$

21,614

 

Exercisable at June 30, 2026

 

 

1,680,526

 

 

$

2.86

 

 

 

7.31

 

 

$

16,709

 
Company's RSU Activity The following table summarizes the Company’s RSU activity during the six months ended June 30, 2026:

 

 

Number of
Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Outstanding at January 1, 2026

 

 

317,213

 

 

$

2.54

 

Granted

 

 

389,850

 

 

$

4.50

 

Vested

 

 

(104,737

)

 

$

2.54

 

Forfeited

 

 

(3,000

)

 

$

2.54

 

Outstanding at June 30, 2026

 

 

599,326

 

 

$

3.81

 

 
Summary of Assumptions Used to Value Stock Options Granted

The underlying assumptions used to value stock options granted using the Black-Scholes option-pricing model prior to the Option Repricing during the three months ended June 30, 2026 and the six months ended June 30, 2026 and 2025 were as follows (there were no stock options granted during the three months ended June 30, 2025):

 

Three Months Ended

 

Six Months Ended June 30,

 

June 30, 2026

 

2026

 

2025

Risk-free interest rate range

 

4.24%

 

3.79% — 4.24%

 

4.46%

Expected dividend rate

 

— %

 

— %

 

— %

Expected term (years) range

 

5.5

 

5.23 — 6.11

 

5.23

Expected stock price volatility range

 

112.3%

 

97.1% — 112.3%

 

95.8%
Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

219

 

 

$

280

 

 

$

405

 

 

$

545

 

General and administrative

 

 

1,467

 

 

 

988

 

 

 

2,828

 

 

 

2,065

 

Total stock-based compensation expense

 

$

1,686

 

 

$

1,268

 

 

$

3,233

 

 

$

2,610