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

The determination of the grant date fair value of stock-based awards granted to employees, directors and nonemployees during the six months ended June 30, 2026 and 2025, was estimated using the Black-Scholes option-pricing model and was calculated based on the following assumptions.

 

 

Six months ended
June 30,

 

2026

 

2025

Fair value of common stock

 

$29.78 - $43.14

 

$6.00 - $18.25

Dividend yield

 

%

 

%

Volatility

 

104.3% - 106.7%

 

93.7% - 97.5%

Risk-free interest rate

 

3.71% - 4.24%

 

3.88% - 4.42%

Expected term (years)

 

5.07 - 6.08

 

5.50 - 6.08

Summary of Stock Option Activity

The Company’s stock option activity regarding employees, directors, and nonemployees for the six months ended June 30, 2026, is summarized as follows (in thousands except share and per share amounts):

 

 

Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
intrinsic
value

 

Options outstanding - December 31, 2025

 

 

4,558,399

 

 

$

10.46

 

 

 

8.33

 

 

$

97,751

 

Granted

 

 

1,271,487

 

 

 

35.36

 

 

 

 

 

 

 

Exercised

 

 

(746,861

)

 

 

7.52

 

 

 

 

 

 

 

Forfeited

 

 

(231,768

)

 

 

21.01

 

 

 

 

 

 

 

Expired

 

 

(51

)

 

 

39.07

 

 

 

 

 

 

 

Options outstanding - June 30, 2026

 

 

4,851,206

 

 

$

16.72

 

 

 

8.21

 

 

$

186,698

 

Options vested and expected to vest - June 30, 2026

 

 

4,851,206

 

 

$

16.72

 

 

 

8.21

 

 

$

186,698

 

Options exercisable - June 30, 2026

 

 

2,298,505

 

 

$

10.10

 

 

 

7.25

 

 

$

103,670

 

 

Additional information with regard to stock option activity involving employees and directors for the six months ended June 30, 2026 and 2025, is as follows (in thousands except per share amounts):

 

 

June 30,

 

 

2026

 

 

2025

 

Weighted-average grant date fair value per option of total options granted

 

$

28.18

 

 

$

8.09

 

Aggregate intrinsic value of stock options exercised

 

 

22,614

 

 

 

546

 

Summary of Restricted Stock Unit Activity The following table summarizes the Company's RSU activity for the six months ended June 30, 2026 (in thousands except share and per share amounts):

 

 

Shares

 

 

Weighted-
Average
Grant Date Value per Share

 

RSUs outstanding - December 31, 2025

 

 

 

 

$

 

Granted

 

 

194,875

 

 

 

38.14

 

Vested

 

 

(13,782

)

 

 

38.75

 

Forfeited

 

 

(18,600

)

 

 

39.07

 

RSUs outstanding - June 30, 2026

 

 

162,493

 

 

$

37.98

 

Summary of Stock-based Compensation Expense

During the three and six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense regarding its employees, directors, and nonemployees as follows (in thousands):

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expense

 

$

2,128

 

 

$

770

 

 

$

3,794

 

 

$

1,604

 

General and administrative expense

 

 

3,936

 

 

 

1,167

 

 

 

7,754

 

 

 

2,172

 

Total

 

$

6,064

 

 

$

1,937

 

 

$

11,548

 

 

$

3,776