Stockholders' Equity and Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Equity [Abstract] |
|
| Summary of common stock reserved for future issuance |
Common stock reserved for future issuance consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
AS OF |
|
|
|
JUNE 30,
2026 |
|
|
DECEMBER 31,
2025 |
|
Common stock options granted and outstanding |
|
|
1,097,961 |
|
|
|
943,092 |
|
Restricted stock units granted and outstanding |
|
|
3,707,488 |
|
|
|
2,641,007 |
|
Pre-Funded Warrants issued and outstanding |
|
|
2,170,138 |
|
|
|
— |
|
Shares available for issuance under the 2024 equity incentive plan |
|
|
3,088,406 |
|
|
|
3,079,468 |
|
Shares available for issuance under the 2025 inducement plan |
|
|
290,000 |
|
|
|
— |
|
Shares available for issuance under the ESPP Plan |
|
|
555,619 |
|
|
|
378,000 |
|
Shares available for issuance under the Pledge 1% commitment |
|
|
84,556 |
|
|
|
84,556 |
|
Total common stock reserved for future issuance |
|
|
10,994,168 |
|
|
|
7,126,123 |
|
|
| Summary of company's stock option activity under the plan |
A summary of the Company’s stock option activity under the 2020 Plan, 2024 Plan, and 2025 Inducement Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPTIONS |
|
|
WEIGHTED-
AVERAGE EXERCISE
PRICE PER SHARE |
|
|
WEIGHTED-
AVERAGE REMAINING
CONTRACTUAL TERM |
|
|
AGGREGATE
INTRINSIC VALUE |
|
|
|
|
|
|
|
|
|
(in years) |
|
|
(in thousands) |
|
Outstanding at December 31, 2025 |
|
|
943,092 |
|
|
$ |
6.17 |
|
|
|
8.0 |
|
|
$ |
412 |
|
Granted |
|
|
260,000 |
|
|
|
8.68 |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
(13,310 |
) |
|
|
5.07 |
|
|
|
— |
|
|
|
— |
|
Cancelled |
|
|
(91,821 |
) |
|
|
11.26 |
|
|
|
— |
|
|
|
— |
|
Outstanding at June 30, 2026 |
|
|
1,097,961 |
|
|
$ |
6.35 |
|
|
|
8.1 |
|
|
$ |
4,005 |
|
Exercisable as of June 30, 2026 |
|
|
726,587 |
|
|
$ |
5.62 |
|
|
|
7.4 |
|
|
$ |
3,233 |
|
|
| Summary of black-scholes option pricing model |
The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and non-employee stock option grants issued for the six months ended June 30, 2026 and 2025, were as follows:
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
2026 |
|
|
2025 |
|
Stock price |
|
$4.15 - $9.22 |
|
|
$1.61 - $10.67 |
|
Risk-free rate of interest |
|
3.7% - 4.4% |
|
|
3.9% - 4.5% |
|
Expected term (years) |
|
5.4 - 6.1 |
|
|
5.4 - 6.1 |
|
Expected stock price volatility |
|
87.7% - 93.8% |
|
|
88.2% - 90.3% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
|
| Summary of black-scholes option assumptions used to estimate fair value of ESPP Awards |
The assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
2026 |
|
|
2025 |
|
Stock price |
|
$2.38 - $4.42 |
|
|
$6.78 - $11.91 |
|
Risk-free rate of interest |
|
3.6% - 4.3% |
|
|
4.2% - 5.2% |
|
Expected term (years) |
|
0.5 - 2.0 |
|
|
0.5 - 2.0 |
|
Expected stock price volatility |
|
90.7% - 93.1% |
|
|
84.4% - 91.8% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
|
| Summary of RSU activity |
A summary of the Company’s RSU activity under the 2020 Plan, 2024 Plan, and 2025 Inducement Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF
STOCK UNITS |
|
|
WEIGHTED-
AVERAGE GRANT
DATE FAIR VALUE
PER SHARE |
|
|
|
|
|
|
|
|
Unvested balance at January 1, 2026 |
|
|
2,641,007 |
|
|
$ |
5.31 |
|
Granted |
|
|
1,748,142 |
|
|
|
5.21 |
|
Vested |
|
|
(296,179 |
) |
|
|
5.57 |
|
Forfeited |
|
|
(385,482 |
) |
|
|
6.04 |
|
Unvested balance at June 30, 2026 |
|
|
3,707,488 |
|
|
$ |
5.16 |
|
|
| Summary of stock-based compensation expense |
The following table summarizes stock-based compensation expense by condensed financial statement line item in the Company’s statements of operations and comprehensive loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30, |
|
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development |
|
$ |
844 |
|
|
$ |
722 |
|
|
$ |
1,465 |
|
|
$ |
1,679 |
|
General and administrative |
|
|
1,021 |
|
|
|
827 |
|
|
|
1,993 |
|
|
|
1,922 |
|
Total |
|
$ |
1,865 |
|
|
$ |
1,549 |
|
|
$ |
3,458 |
|
|
$ |
3,601 |
|
|