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

Total stock-based compensation expense related to the Company’s equity incentive plans and ESPP was recorded in the statements of operations and allocated as follows (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

779

 

 

$

1,568

 

 

$

1,563

 

 

$

3,488

 

General and administrative

 

 

808

 

 

 

1,005

 

 

 

1,606

 

 

 

2,254

 

Total stock-based compensation expense

 

$

1,587

 

 

$

2,573

 

 

$

3,169

 

 

$

5,742

 

 

Summary of Stock Option Activity

The following table summarizes the Company's stock option activity:

 

 

Outstanding Options

 

 

 

Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term (Years)

 

Balance, December 31, 2025

 

 

8,255,280

 

 

$

4.11

 

 

 

8.0

 

Granted

 

 

5,157,920

 

 

 

1.44

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(228,951

)

 

 

2.35

 

 

 

 

Balance, June 30, 2026

 

 

13,184,249

 

 

$

3.10

 

 

 

8.4

 

Exercisable, June 30, 2026

 

 

5,157,843

 

 

$

5.16

 

 

 

6.7

 

Summary of Restricted Stock Unit Activity

Restricted Stock Units

The following table summarizes the Company's restricted stock unit activity:

 

 

Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested at December 31, 2025

 

 

892,500

 

 

$

1.53

 

Issued

 

 

 

 

 

 

Vested

 

 

 

 

 

 

Canceled/Forfeited

 

 

(95,500

)

 

 

1.53

 

Unvested at June 30, 2026

 

 

797,000

 

 

$

1.53