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

Stock option activity for employees and non-employees under the Equity Compensation Plans for the six months ended June 30, 2026, was as follows (in thousands, except share and per share amounts):

 

Options

 

 

Weighted
Average
Exercise Price

 

 

Weighted Average Remaining Contractual Life (periods)

 

 

Aggregate Intrinsic Value

 

Outstanding options, December 31, 2025

 

 

20,887,772

 

 

$

2.93

 

 

 

8.64

 

 

$

1,186

 

Granted

 

 

19,607,200

 

 

$

4.39

 

 

 

 

 

 

 

Forfeited

 

 

(584,797

)

 

$

3.56

 

 

 

 

 

 

 

Exercised

 

 

(64,083

)

 

$

2.42

 

 

 

 

 

 

 

Expired

 

 

(17,263

)

 

$

7.86

 

 

 

 

 

 

 

Outstanding options, June 30, 2026

 

 

39,828,829

 

 

$

3.64

 

 

 

9.30

 

 

$

29,097

 

Options vested and exercisable, June 30, 2026

 

 

1,669,950

 

 

$

8.38

 

 

 

7.15

 

 

$

552

 
Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options

The estimated fair value of stock options granted to employees and consultants during the three and six months ended June 30, 2026 and 2025, was calculated using the Black-Scholes option-pricing model using the following assumptions:

 

 

For The Three Months Ended June 30,

 

For The Six Months Ended June 30,

 

2026

 

2025

 

2026

 

2025

Expected volatility

 

100.0

 

%

 

118.6

 

%

 

90.7 - 102.0

 

%

 

118.6

 

%

Weighted-average volatility

 

 

100.0

 

%

 

 

118.6

 

%

 

 

101.6

 

%

 

 

118.6

 

%

Expected dividends

 

—

 

%

 

—

 

%

 

—

 

%

 

—

 

%

Expected term (in periods)

 

6.08

 

 

 

5.73

 

 

 

6.00 - 6.08

 

 

 

5.73

 

 

Risk-free rate

 

4.42

 

%

 

3.97

 

%

 

3.81 - 4.42

 

%

 

3.97

 

%

 
Summary of Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the six months ended June 30, 2026, was as follows:

 

Number of shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested as of December 31, 2025

 

 

14,639

 

 

$

8.93

 

Vested

 

 

(8,358

)

 

$

11.56

 

Unvested as of June 30, 2026

 

 

6,281

 

 

$

5.44

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three and six months ended June 30, 2026 and 2025, was as follows (in thousands):

 

 

For The Three Months Ended June 30,

 

 

For The Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

3,767

 

 

$

347

 

 

$

6,629

 

 

$

680

 

General and administrative

 

 

3,480

 

 

 

280

 

 

 

6,078

 

 

 

560

 

Total

 

$

7,247

 

 

$

627

 

 

$

12,707

 

 

$

1,240