v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Option Valuation
The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Risk-free interest rate4.2 %4.0 %3.8 %4.2 %
Expected term (in years)6.16.16.06.1
Expected volatility108.5 %103.7 %109.8 %103.8 %
Expected dividend yield0 %0 %0 %0 %
As of June 30, 2026, total unrecognized compensation expense related to unvested stock options and restricted stock units was $18.9 million, which is expected to be recognized over a weighted average period of 2.6 years.
Summary of Stock Option Activity
The following table summarizes the Company’s stock option activity for the six months ended June 30, 2026:
Number of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Contractual
Term (Years)		Aggregate
Intrinsic
Value (in thousands)
Outstanding as of December 31, 202512,080,718 $2.34 9.6$28,329 
Granted4,020,000 4.01 
Forfeited and expired(767,283)7.68 $— 
Outstanding as of June 30, 202615,333,435 $2.51 9.2$38,490 
Exercisable as of June 30, 20261,030,803 $6.39 9.0$2,687 
Vested and expected to vest as of June 30, 202612,858,006 $2.53 9.2$32,770 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
Restricted Stock Units
The following table summarizes the Company’s restricted stock unit activity for the six months ended June 30, 2026:
Number of
Shares		Weighted-Average Grant Date Fair Value
Unvested as of December 31, 202573,381 $15.48 
Granted773,016 4.50 
Vested(115,403)5.06 
Forfeited(16,759)20.05 
Unvested as of June 30, 2026714,235 $5.25 
Summary of Stock-Based Compensation Expense Classification
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Research and development expense$484 $340 $1,199 $599 
General and administrative expense2,602 408 4,300 668 
Total stock-based compensation$3,086 $748 $5,499 $1,267