| Schedule of Share-Based Payment Arrangement, Option, Activity |
The following table summarizes the Company’s time-based stock option activity for the six months ended June 30, 2026: | | | | | | | | | | | | | Number of Shares | | Weighted-Average
Exercise Price | | Outstanding at December 31, 2025 | 15,637,303 | | | $ | 3.76 | | | Granted | 7,171,115 | | | 3.55 | | | Exercised | (111,424) | | | 3.73 | | | Cancelled or forfeited | (962,560) | | | 5.86 | | | Outstanding at June 30, 2026 | 21,734,434 | | | $ | 3.60 | | | Options vested and exercisable at June 30, 2026 | 9,420,268 | | | $ | 4.20 | | | Options vested and expected to vest at June 30, 2026 | 21,734,434 | | | $ | 3.60 | |
The following table summarizes the Company’s performance-based stock option activity for the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted-Average
Exercise Price | | Outstanding at December 31, 2025 | | 2,029,564 | | | $ | 4.10 | | | Granted | | 100,000 | | | 3.39 | | | | | | | | Cancelled or forfeited | | (200,000) | | | 8.32 | | | Outstanding at June 30, 2026 | | 1,929,564 | | | $ | 3.63 | | | Vested and exercisable at June 30, 2026 | | 813,480 | | | $ | 5.26 | |
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| Schedule of 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) | | 2026 | | 2025 | | 2026 | | 2025 | | Stock-based compensation expense: | | | | | | | | | | Research and development | | $ | 2,565 | | | $ | 3,218 | | | $ | 5,018 | | | $ | 6,074 | | | General and administrative | | 2,300 | | | 3,107 | | | 4,491 | | | 5,932 | | | Total stock-based compensation expense | | $ | 4,865 | | | $ | 6,325 | | | $ | 9,509 | | | $ | 12,006 | |
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