v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2019 Stock Option and Grant Plan
The Company’s 2019 Stock Option and Grant Plan, or the 2019 Plan, provided for the Company to grant incentive stock options, non-qualified stock options, unrestricted stock awards, restricted stock awards and other stock-based awards to the officers, employees, consultants and other key persons of the Company. In October 2022, in connection with the closing of the Company’s initial public offering, the Board of Directors determined that no further awards would be granted under the 2019 Plan.
2022 Stock Option and Incentive Plan
On February 9, 2022, the Board of Directors adopted, and on October 10, 2022, the Company’s stockholders approved, the 2022 Stock Option and Incentive Plan, or the 2022 Plan, which became effective on October 18, 2022. The 2022 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors, and consultants. The 2022 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards.
The shares of common stock underlying any awards under the 2022 Plan and the 2019 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire, or are otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2022 Plan. The number of shares reserved and available for issuance under the 2022 Plan increased on January 1, 2023 and will increase on each January 1 hereafter, by five percent of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Compensation Committee of the Board of Directors. On January 1, 2026, the annual increase resulted in an additional 9,025,700 shares authorized being added to the 2022 Plan. As of June 30, 2026, the Company had 34,772,406 shares reserved under the 2022 Plan and the 2019 Plan, and 10,808,408 shares available for issuance under the 2022 Plan.
2022 Employee Stock Purchase Plan
On February 9, 2022, the Board of Directors adopted, and on October 10, 2022, the Company’s stockholders approved, the 2022 Employee Stock Purchase Plan, or the 2022 ESPP, which became effective on October 18, 2022.
The number of shares of common stock that may be issued under the 2022 ESPP cumulatively increased beginning on January 1, 2023 and shall increase on each January 1 hereafter through January 1, 2032, by the least of (i) 971,350 shares of common stock, (ii) one percent of the outstanding number of shares of common stock on the immediately preceding December 31, or (iii) such number of shares of common stock as determined by the administrator of the 2022 ESPP. There was no annual increase for the 2022 ESPP on January 1, 2026. As of June 30, 2026, the Company had 1,409,915 shares available for issuance under the 2022 ESPP.
During the six months ended June 30, 2026, the Company issued 112,110 shares of the Company’s common stock under the 2022 ESPP.
Stock Options
The following table summarizes the Company’s time-based stock option activity for the six months ended June 30, 2026:
Number of SharesWeighted-Average
Exercise Price
Outstanding at December 31, 202515,637,303 $3.76 
Granted7,171,115 3.55 
Exercised(111,424)3.73 
Cancelled or forfeited(962,560)5.86 
Outstanding at June 30, 202621,734,434 $3.60 
Options vested and exercisable at June 30, 20269,420,268 $4.20 
Options vested and expected to vest at June 30, 202621,734,434 $3.60 
As of June 30, 2026, there was $33.7 million of total unrecognized compensation cost related to time-based stock options, including incremental expense related to the Company’s option repricing announced in August 2025. The Company expects to recognize such amount over a remaining weighted-average period of 2.8 years.
Performance-Based Stock Options
The following table summarizes the Company’s performance-based stock option activity for the six months ended June 30, 2026:
Number of SharesWeighted-Average
Exercise Price
Outstanding at December 31, 20252,029,564 $4.10 
Granted100,000 3.39 
Cancelled or forfeited(200,000)8.32 
Outstanding at June 30, 20261,929,564 $3.63 
Vested and exercisable at June 30, 2026813,480 $5.26 
As of June 30, 2026, there was $2.2 million of total unrecognized compensation cost related to performance-based stock options.
Stock-Based Compensation
The following table below summarizes the classification of the Company’s stock-based compensation expense related to stock options and restricted common stock awards in the condensed consolidated statements of operations and comprehensive loss:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)
2026202520262025
Stock-based compensation expense:
Research and development$2,565 $3,218 $5,018 $6,074 
General and administrative2,300 3,107 4,491 5,932 
Total stock-based compensation expense$4,865 $6,325 $9,509 $12,006