Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss as follows:
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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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(In thousands) |
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Research and development |
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$ |
9,443 |
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$ |
14,059 |
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$ |
17,025 |
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$ |
26,685 |
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General and administrative |
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8,632 |
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7,977 |
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14,529 |
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17,191 |
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Total |
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$ |
18,075 |
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$ |
22,036 |
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$ |
31,554 |
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$ |
43,876 |
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| Summary of Restricted Stock Activity |
The following table summarizes the Company’s RSU activity for the six months ended June 30, 2026:
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Number of
Shares |
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Weighted
Average Grant
Date Fair Value
per Share |
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Unvested restricted stock units as of December 31, 2025 |
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5,196,121 |
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$ |
22.80 |
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Granted |
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3,233,769 |
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14.51 |
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Vested |
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(1,637,518 |
) |
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24.69 |
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Cancelled |
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(374,201 |
) |
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33.85 |
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Unvested restricted stock units as of June 30, 2026 |
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6,418,171 |
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$ |
17.50 |
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| Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted |
Weighted average assumptions used to apply this pricing model were as follows:
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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 |
Risk-free interest rate |
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4.3% |
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4.1% |
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3.7% |
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4.1% |
Expected term |
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5.5 years |
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5.5 years |
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5.9 years |
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5.9 years |
Expected volatility of underlying stock |
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82.4% |
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79.4% |
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83.6% |
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75.8% |
Expected dividend yield |
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0.0% |
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0.0% |
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0.0% |
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0.0% |
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| Summary of Stock Option Activity |
The following is a summary of stock option activity for the six months ended June 30, 2026:
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Number of
Options |
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Weighted
Average
Exercise
Price per
Share |
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Weighted
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic
Value |
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(In years) |
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(In thousands) |
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Outstanding at December 31, 2025 |
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5,173,766 |
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$ |
39.98 |
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5.97 |
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$ |
50 |
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Granted |
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824,581 |
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13.68 |
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Exercised |
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(1,250 |
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13.40 |
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Forfeited |
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(276,381 |
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32.45 |
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Outstanding at June 30, 2026 |
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5,720,716 |
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$ |
36.56 |
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6.11 |
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$ |
11,854 |
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Exercisable at June 30, 2026 |
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4,328,122 |
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$ |
43.64 |
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5.12 |
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$ |
6,429 |
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| 2016 Employee Stock Purchase Plan [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted |
The fair value of shares under the 2016 Plan was estimated at the beginning of the offering period using a Black-Scholes option-pricing model with the following assumptions:
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Three and 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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3.59% |
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4.24% |
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Expected term |
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0.5 years |
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0.5 years |
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Expected volatility of underlying stock |
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121.1% |
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66.2% |
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Expected dividend yield |
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0.0% |
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0.0% |
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