v3.26.1
Stock Based Compensation Plan (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

A summary of stock option activity is set forth below (shares in thousands):

 

 

 

Options Outstanding

 

 

 

 

 

 

Weighted

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Number of

 

 

Exercise

 

 

Contractual Life

 

 

Value

 

 

 

Options

 

 

Price

 

 

(In years)

 

 

(In thousands)

 

Outstanding – December 31, 2025

 

 

1,269

 

 

$

14.30

 

 

 

8.43

 

 

 

 

Granted

 

 

779

 

 

 

24.82

 

 

 

 

 

 

 

Exercised

 

 

(14

)

 

 

12.80

 

 

 

 

 

 

 

Forfeited

 

 

(42

)

 

 

16.11

 

 

 

 

 

 

 

Expired

 

 

(5

)

 

 

38.73

 

 

 

 

 

 

 

Outstanding – June 30, 2026

 

 

1,987

 

 

 

18.35

 

 

 

8.59

 

 

$

17,091

 

Exercisable – June 30, 2026

 

 

634

 

 

 

18.31

 

 

 

7.40

 

 

 

6,658

 

Schedule of Share-based Payment Award, Grant Date Using the Black-Scholes option-pricing model

The fair value of options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Expected term (in years)

 

 

5.5

 

 

 

6.0

 

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

93.6

%

 

 

95.7

%

 

 

95.4

%

 

 

96.5

%

Risk-free rate

 

 

4.2

%

 

 

3.9

%

 

 

3.8

%

 

 

4.2

%

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of RSU Activity

The following table summarizes the Company’s activity of restricted stock units, or RSUs (shares in thousands):

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

RSUs, unvested at December 31, 2025

 

 

115

 

 

$

10.27

 

Granted

 

 

734

 

 

 

24.53

 

Vested

 

 

(64

)

 

 

10.11

 

Cancelled

 

 

(20

)

 

 

21.46

 

RSUs, unvested at June 30, 2026

 

 

765

 

 

 

23.68

 

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense recorded in the unaudited condensed consolidated statements of operations and comprehensive (loss) income was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,017

 

 

$

340

 

 

$

1,779

 

 

$

606

 

General and administrative

 

 

1,876

 

 

 

654

 

 

 

3,219

 

 

 

1,222

 

Total stock-based compensation expense

 

$

2,893

 

 

$

994

 

 

$

4,998

 

 

$

1,828