Share-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 Share-Based Compensation Expense |
The following table summarizes share-based compensation expense for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Research and development | $ | 1,668 | | | $ | 4,674 | | | $ | 3,661 | | | $ | 9,519 | | | General and administrative | 4,467 | | | 5,663 | | | 9,389 | | | 11,767 | | Restructuring costs (1) | 1,743 | | | 2,081 | | | 1,743 | | | 2,081 | | | Total share-based compensation expense | $ | 7,878 | | | $ | 12,418 | | | $ | 14,793 | | | $ | 23,367 | |
________________ (1)Restructuring costs for the three and six months ended June 30, 2026 and 2025 includes $1.7 million and $2.1 million of share-based compensation expense related to the contractual acceleration of vesting of certain option and restricted stock unit award agreements.
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| Fair Value of Options Granted |
The fair value of the options granted to employees and non-employee directors during the three and six months ended June 30, 2026 and 2025 was estimated as of the grant date using the Black-Scholes option-pricing model using the key assumptions listed in the following table. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Expected volatility | | 71.9% | - | 74.2% | | 77.7 | % | - | 79.0 | % | | 71.9% | - | 75.1% | | 76.5 | % | - | 79.0 | % | | Risk-free interest rate | | 4.0% | - | 4.3% | | 3.8 | % | - | 4.2% | | 3.6% | - | 4.3% | | 3.8 | % | - | 4.4% | | Expected dividend yield | | —% | | —% | | —% | | —% | | Expected term (in years) | | 4.29 | - | 5.98 | | 4.81 | - | 5.76 | | 4.22 | - | 5.98 | | 4.78 | - | 5.76 | | Weighted average grant date fair value | | $6.85 | | $4.77 | | $6.29 | | $9.49 |
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| Summary of Company's Share Option Activity |
The following table summarizes the Company’s stock option activity during the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Weighted
Average
Exercise
Price | | Weighted
Average
Remaining
Contractual
Term (years) | | Aggregate
Intrinsic
Value
(in thousands) | Outstanding at December 31, 2025 | 10,289,294 | | | $ | 24.18 | | | 5.03 | | $ | 402 | | Granted | 2,285,900 | | | 9.46 | | | | | | | Exercised | — | | | — | | | | | | | Forfeited | (268,101) | | | 16.43 | | | | | | | Expired | (544,908) | | | 25.91 | | | | | | | Outstanding at June 30, 2026 | 11,762,185 | | | $ | 21.42 | | | 5.34 | | $ | 1,239 | | | Vested and expected to vest at June 30, 2026 | 11,214,351 | | | $ | 21.84 | | | 5.15 | | $ | 1,095 | | | Exercisable at June 30, 2026 | 8,265,940 | | | $ | 24.12 | | | 3.76 | | $ | 466 | |
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| Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option |
The following table summarizes the activity and related information for RSUs during the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Units | | Weighted Average
Grant-Date
Fair Value | | Weighted
Average
Remaining
Contractual
Term (years) | | Aggregate
Intrinsic
Value
(in thousands) | Unvested at December 31, 2025 | | 1,090,778 | | | $ | 7.63 | | | 1.08 | | $ | 10,417 | | Units Granted | | 511,308 | | | 9.37 | | | | | | | Units Vested | | (155,233) | | | 8.61 | | | | | | | Units Forfeited | | (23,923) | | | 14.95 | | | | | | | Unvested at June 30, 2026 | | 1,422,930 | | | $ | 8.02 | | | 1.01 | | $ | 13,930 | | | Unvested and expected to vest at June 30, 2026 | | 1,271,183 | | | $ | 7.94 | | | 0.92 | | $ | 12,445 | |
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