Stock-based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Stock-based Compensation Expense |
Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development |
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$ |
916 |
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$ |
791 |
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$ |
1,715 |
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$ |
1,421 |
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General and administrative |
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|
1,787 |
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|
1,207 |
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|
3,719 |
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|
2,338 |
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Total stock-based compensation expense |
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$ |
2,703 |
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$ |
1,998 |
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$ |
5,434 |
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$ |
3,759 |
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| Summary of Restricted Common Stock Activity |
The following table summarizes changes in RSU activity during the six months ended June 30, 2026 (in thousands, except per share amounts):
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Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Unvested restricted stock unit awards as of December 31, 2025 |
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506,981 |
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|
$ |
7.96 |
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Issued |
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|
40,000 |
|
|
$ |
13.05 |
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Vested |
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(233,075 |
) |
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$ |
7.96 |
|
Forfeited |
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(43,295 |
) |
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$ |
7.96 |
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Unvested restricted stock unit awards as of June 30, 2026 |
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270,611 |
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$ |
8.71 |
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| Summary of Stock Option Weighted-Average Assumptions |
The fair value of stock options granted during the six months ended June 30, 2026 and 2025 was calculated on the date of grant using the following weighted-average assumptions:
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Six Months Ended June 30, |
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2026 |
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2025 |
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Risk-free interest rate |
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4.0 |
% |
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|
4.3 |
% |
Expected dividend yield |
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— |
% |
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— |
% |
Expected term (in years) |
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6.0 |
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6.0 |
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Expected volatility |
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78.1 |
% |
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73.6 |
% |
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| Summary of Stock Option Activity |
The following table summarizes changes in stock option activity during the six months ended June 30, 2026 (in thousands, except per share amounts):
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Options |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term
(in years) |
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Aggregate
Intrinsic
Value |
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Outstanding at December 31, 2025 |
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1,647,077 |
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$ |
26.49 |
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|
|
7.3 |
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|
$ |
— |
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Granted |
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426,062 |
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$ |
12.32 |
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Exercised |
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(1,487 |
) |
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$ |
11.68 |
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Forfeited |
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(124,939 |
) |
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$ |
29.65 |
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Cancelled |
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(72,672 |
) |
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$ |
25.56 |
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Outstanding as of June 30, 2026 |
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1,874,041 |
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$ |
22.62 |
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7.4 |
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$ |
754 |
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Exercisable at June 30, 2026 |
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979,116 |
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$ |
24.70 |
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|
6.1 |
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$ |
389 |
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| Performance Stock Units |
The following table summarizes changes in PSU activity during the six months ended June 30, 2026 (in thousands, except per share amounts):
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Shares |
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|
Weighted-
Average
Grant Date
Fair Value
Per Share |
|
Unvested performance stock unit awards as of December 31, 2025 |
|
|
— |
|
|
$ |
— |
|
Issued |
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|
120,000 |
|
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$ |
13.05 |
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Vested |
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(50,000 |
) |
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$ |
13.05 |
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Forfeited |
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|
— |
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|
$ |
— |
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Unvested performance stock unit awards as of June 30, 2026 |
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70,000 |
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$ |
13.05 |
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