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

A summary of option activity for the six months ended June 30, 2026 is presented below:

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2025

 

 

5,039,487

 

 

$

25.20

 

 

 

 

 

 

 

Granted

 

 

4,316,947

 

 

$

3.89

 

 

 

 

 

 

 

Exercised

 

 

(225,102

)

 

$

2.86

 

 

 

 

 

 

 

Forfeited

 

 

(50,856

)

 

$

5.45

 

 

 

 

 

 

 

Expired

 

 

(138,306

)

 

$

62.59

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

8,942,170

 

 

$

5.14

 

 

 

9.22

 

 

$

582,189

 

Vested or expected to vest at June 30, 2026

 

 

8,942,170

 

 

 

5.14

 

 

 

9.22

 

 

$

582,189

 

Exercisable at June 30, 2026

 

 

5,809,709

 

 

$

5.82

 

 

 

8.89

 

 

$

572,304

 

Summary of Non-vested Stock Activity

A summary of non-vested stock activity for the six months ended June 30, 2026 is presented below:

 

 

Non-vested
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2025

 

 

19,075

 

 

$

14.91

 

Granted

 

 

461,376

 

 

 

3.31

 

Vested

 

 

(469,850

)

 

 

3.40

 

Forfeited

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

10,601

 

 

$

25.34

 

Schedule of Share-Based Compensation Expense

The impact on our results of operations from share-based compensation for the three and six months ended June 30, 2026 and 2025, was as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

566

 

 

$

778

 

 

$

785

 

 

$

1,604

 

General and administrative

 

 

2,694

 

 

 

2,663

 

 

 

3,341

 

 

 

5,170

 

Total share-based compensation expense

 

$

3,260

 

 

$

3,441

 

 

$

4,126

 

 

$

6,774