Stock-based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-based Compensation Expense by Classification |
Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Research and development | $ | 2,174 | | | $ | 2,295 | | | $ | 4,375 | | | $ | 4,683 | | | General and administrative | 2,358 | | | 2,709 | | | 4,452 | | | 6,345 | | | Total stock-based compensation expense | $ | 4,532 | | | $ | 5,004 | | | $ | 8,827 | | | $ | 11,028 | |
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| Schedule of Stock Option Activity |
A summary of the Company’s PBO activity was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of PBOs | | Weighted-
Average
Exercise Price
Per Share | | Weighted-
Average
Remaining
Contractual Life
(in years) | | Aggregate
Intrinsic
Value
(in thousands) | PBOs outstanding as of December 31, 2025(1) | 98,868 | | $ | 11.07 | | | 9.11 | | $ | 1,949 | | Granted | — | | $ | — | | | | | | | Exercised | — | | | $ | — | | | | | | | Canceled or forfeited | — | | | $ | — | | | | | | PBOs outstanding as of June 30, 2026 | 98,868 | | $ | 11.07 | | | 8.61 | | $ | 295 | | PBOs exercisable as of June 30, 2026 | — | | | $ | — | | | — | | | $ | — | |
(1) PBOs outstanding reflect the target number of shares eligible to be earned at the time of grant. A summary of the Company’s stock option activity was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Stock Options | | Weighted-
Average
Exercise Price
Per Share | | Weighted-
Average
Remaining
Contractual Life
(in years) | | Aggregate
Intrinsic
Value
(in thousands) | Options outstanding as of December 31, 2025 | 2,696,444 | | $ | 40.32 | | | 6.14 | | $ | 17,090 | | | Granted | 699,750 | | $ | 23.00 | | | | | | | Exercised | (2,348) | | | $ | 11.07 | | | | | | | Canceled or forfeited | (99,216) | | | $ | 43.16 | | | | | | Options outstanding as of June 30, 2026 | 3,294,630 | | $ | 36.58 | | | 6.67 | | $ | 2,715 | | Options exercisable as of June 30, 2026 | 1,821,492 | | $ | 48.54 | | | 4.74 | | $ | 2,124 | |
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| Schedule of PSU Activity |
A summary of the Company’s PSU activity was as follows: | | | | | | | | | | | | | Performance-Based Restricted Stock Units Outstanding | | Weighted-Average
Value at Grant
Date Per Share | Unvested PSUs as of December 31, 2025(1) | 65,518 | | | $ | 37.51 | | PSUs granted | — | | | $ | — | | PSUs vested | (29,120) | | | $ | 36.00 | | PSUs forfeited or canceled | — | | | $ | — | | Unvested PSUs as of June 30, 2026 | 36,398 | | | $ | 38.72 | |
(1) PSU grants reflect the target number of shares eligible to be earned at the time of grant.
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| Schedule of RSU Activity |
A summary of the Company’s RSU activity was as follows: | | | | | | | | | | | | | Restricted Stock Units Outstanding | | Weighted-Average
Value at Grant
Date Per Share | Unvested RSUs as of December 31, 2025 | 306,415 | | | $ | 19.77 | | | RSUs granted | 286,116 | | | $ | 23.73 | | | RSUs vested | (59,364) | | | $ | 23.22 | | | RSUs forfeited or canceled | (16,366) | | | $ | 19.74 | | Unvested RSUs as of June 30, 2026 | 516,801 | | | $ | 21.57 | |
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| Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted |
The fair value of stock options and performance-based stock options granted to employees, directors and consultants valued using the Black-Scholes option pricing model was estimated on the date of grant using the following weighted-average assumptions: | | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | | Risk-free interest rate | 3.86 | % | | 4.31 | % | | Expected volatility | 91.8 | % | | 84.7 | % | | Expected term (in years) | 5.99 | | 6.03 | | Expected dividend yield | 0 | % | | 0 | % |
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