Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Grant-date Fair Value of Options Granted to Employees, Non-Employees and Directors

The assumptions that the Company used to determine the grant-date fair value of options granted to employees, non-employees and directors were as follows, presented on a weighted-average basis:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026				2026
Expected term (in years)		6.1				6.2
Expected volatility		81.3	%			82.4	%
Risk-free interest rate		4.1	%			3.7	%
Expected dividend yield		—				—

Summary of Stock Option Activity

The following table summarizes the option activity under the 2019 Plan and the 2026 Plan:


		Options				Weighted Average Exercise Price per Unit				Weighted Average Remaining Life (in Years)				Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025			20,422,301			$	5.91				7.3			$	119,435
Granted			5,481,454				15.53
Exercised			(732,804	)			4.97
Forfeited/Expired			(794,406	)			8.25
Outstanding at June 30, 2026			24,376,545			$	8.02				7.4			$	215,792
Exercisable at June 30, 2026			13,363,100			$	5.17				6.3			$	156,388

Summary of of Share-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statement of operations and comprehensive loss:


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Research and development		$	3,350			$	2,772			$	6,053			$	5,225
General and administrative			4,888				2,715				8,580				5,006
		$	8,238			$	5,487			$	14,633			$	10,231