Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity under the Plans is as follows (in thousands, except share, per share data and years):
|
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|
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|
Number of
Options |
|
|
Weighted-
Average
Exercise Price |
|
|
Weighted-
Average
Remaining
Contractual
Term (in years) |
|
|
Aggregate
Intrinsic Value |
|
Outstanding at December 31, 2025 |
|
|
9,547,659 |
|
|
$ |
17.97 |
|
|
|
6.7 |
|
|
$ |
29,596 |
|
Granted |
|
|
2,024,970 |
|
|
$ |
13.76 |
|
|
|
|
|
|
|
Exercised |
|
|
(505,667 |
) |
|
$ |
10.28 |
|
|
|
|
|
|
|
Forfeited or cancelled |
|
|
(1,046,813 |
) |
|
$ |
23.90 |
|
|
|
|
|
|
|
Outstanding at June 30, 2026 |
|
|
10,020,149 |
|
|
$ |
16.89 |
|
|
|
6.5 |
|
|
$ |
38,573 |
|
Vested and expected to vest at June 30, 2026 |
|
|
10,020,149 |
|
|
$ |
16.89 |
|
|
|
6.5 |
|
|
$ |
38,573 |
|
Exercisable at June 30, 2026 |
|
|
6,855,684 |
|
|
$ |
14.60 |
|
|
|
5.4 |
|
|
$ |
33,432 |
|
|
| Summary of Fair Value of Stock Option Grants |
The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted under the Plans were as follows:
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|
Six Months Ended June 30, |
|
|
2026 |
|
2025 |
Risk-free interest rate |
|
3.7% – 4.3% |
|
3.9% – 4.4% |
Expected volatility |
|
99% – 103% |
|
101% – 104% |
Expected term (in years) |
|
5.3 – 6.1 |
|
5.3 – 10.0 |
Expected dividend yield |
|
— |
|
— |
|
| Summary of Stock-Based Compensation Expense |
Stock-based compensation expense has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):
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|
|
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|
|
|
|
|
|
|
|
|
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|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development |
|
$ |
3,775 |
|
|
$ |
5,489 |
|
|
$ |
8,315 |
|
|
$ |
10,688 |
|
General and administrative |
|
|
5,287 |
|
|
|
5,471 |
|
|
|
10,016 |
|
|
|
10,974 |
|
Total |
|
$ |
9,062 |
|
|
$ |
10,960 |
|
|
$ |
18,331 |
|
|
$ |
21,662 |
|
|
| Summary of Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consists of the following:
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|
|
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|
|
|
|
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|
June 30,
2026 |
|
|
December 31,
2025 |
|
Common stock options outstanding |
|
|
10,020,149 |
|
|
|
9,547,659 |
|
RSUs outstanding |
|
|
1,144,335 |
|
|
|
704,869 |
|
Shares available for issuance under the Plans |
|
|
8,094,201 |
|
|
|
6,630,582 |
|
Shares available for issuance under the ESPP |
|
|
2,523,465 |
|
|
|
1,969,681 |
|
Pre-funded common stock warrants outstanding |
|
|
1,901,075 |
|
|
|
1,901,075 |
|
Total |
|
|
23,683,225 |
|
|
|
20,753,866 |
|
|
| Two Thousand Twenty One Equity Incentive Plan [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of RSU Activity |
A summary of the Company’s RSU activity under the 2021 Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of
RSUs |
|
|
Weighted-
Average Grant Date Fair Value per Share |
|
Outstanding at December 31, 2025 |
|
|
704,869 |
|
|
$ |
48.86 |
|
Granted |
|
|
841,285 |
|
|
$ |
13.81 |
|
Vested and settled |
|
|
(137,972 |
) |
|
$ |
53.39 |
|
Forfeited or cancelled |
|
|
(263,847 |
) |
|
$ |
29.29 |
|
Outstanding at June 30, 2026(1) |
|
|
1,144,335 |
|
|
$ |
27.06 |
|
(1)This amount includes 49,146 vested and unsettled RSUs granted to the Company’s non-employee directors who have elected deferred settlement of the RSUs to a specified date following the first to occur of (i) the date that is 30 days following the date of the director's separation from service for any reason, or (ii) a change in control event.
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