Equity-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Activity |
The table below summarizes the activity with respect to stock options for the six months ended June 30, 2026:
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Number of
Options |
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Weighted
Average
Exercise
Price |
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Remaining Contractual Life (in years) |
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Aggregate Intrinsic Value |
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Outstanding at January 1, 2026 |
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4,378,145 |
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|
$ |
12.04 |
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|
|
8.23 |
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|
$ |
1,077 |
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Granted |
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|
2,380,362 |
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$ |
6.59 |
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Exercised |
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(14,011 |
) |
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$ |
5.55 |
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Expired |
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(4,303 |
) |
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$ |
31.44 |
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Forfeitures |
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|
(16,031 |
) |
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$ |
4.76 |
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Outstanding at June 30, 2026 |
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6,724,162 |
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$ |
10.13 |
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|
8.39 |
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$ |
23,120 |
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Vested and expected to vest at June 30, 2026 |
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|
6,724,162 |
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$ |
10.13 |
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|
8.39 |
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$ |
23,120 |
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Exercisable at June 30, 2026 |
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2,732,785 |
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$ |
15.35 |
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|
7.17 |
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$ |
9,393 |
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| Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted |
The assumptions used in the Black-Scholes option-pricing model for all stock options granted during each period presented are 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 |
|
2025 |
|
2026 |
|
2025 |
Common stock price |
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$6.61 |
|
$4.58 |
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$5.45 - $6.61 |
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$4.10 - $4.58 |
Expected volatility |
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94.5% |
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114.2% |
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94.5% - 97.4% |
|
112.1% - 114.2% |
Expected dividends |
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0.0% |
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0.0% |
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0.0% |
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0.0% |
Expected term (in years) |
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5.5 |
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5.5 |
|
5.3 - 6.1 |
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5.3 - 5.5 |
Risk-free rate |
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4.3% |
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4.0% |
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3.8% - 4.3% |
|
4.0% - 4.4% |
T
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| Schedule of Equity-based Compensation Expense |
The Company has classified equity-based compensation expense in its condensed consolidated statements of operations as follows:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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|
2026 |
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2025 |
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Research and development |
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$ |
2,097 |
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$ |
1,116 |
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$ |
3,997 |
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$ |
2,218 |
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General and administrative |
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3,519 |
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2,029 |
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6,771 |
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|
4,268 |
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Total |
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$ |
5,616 |
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$ |
3,145 |
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$ |
10,768 |
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$ |
6,486 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes activity with respect to RSUs during the six months ended June 30, 2026:
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Units |
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Weighted-
Average
Grant Date
Fair Value |
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Nonvested RSUs at January 1, 2026 |
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3,809,777 |
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|
$ |
4.93 |
|
Granted |
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|
2,738,436 |
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|
$ |
6.71 |
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Vested |
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|
(740,583 |
) |
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$ |
4.74 |
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Forfeitures |
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|
(217,117 |
) |
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$ |
5.83 |
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Nonvested RSUs at June 30, 2026 |
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5,590,513 |
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$ |
5.79 |
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| Summary of Performance Stock Units Activity |
The following table summarizes activity with respect to PSUs during the six months ended June 30, 2026:
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Units |
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Weighted
Average
Grant Date
Fair Value |
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Nonvested PSUs at January 1, 2026 |
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2,074,188 |
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$ |
7.51 |
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Granted |
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|
133,383 |
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$ |
7.74 |
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Vested |
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(518,546 |
) |
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$ |
7.51 |
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Forfeitures |
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|
— |
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|
$ |
— |
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Nonvested PSUs at June 30, 2026 |
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1,689,025 |
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$ |
7.53 |
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