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

Stock option activity under the Plan and the Predecessor Plan and certain other related information is as follows (in thousands except weighted-average exercise price and remaining term):

 

 

Number

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Term (years)

 

 

Aggregate-
Intrinsic
Value

 

Balance as of December 31, 2025

 

 

4,234

 

 

$

5.22

 

 

 

7.4

 

 

$

28

 

Granted

 

 

1,980

 

 

$

1.27

 

 

 

 

 

 

 

Exercised

 

 

(33

)

 

$

1.08

 

 

 

 

 

 

 

Forfeited and expired

 

 

(236

)

 

$

5.04

 

 

 

 

 

 

 

Balance as of June 30, 2026

 

 

5,945

 

 

$

2.81

 

 

 

3.8

 

 

$

2,740

 

Vested and expected to vest at June 30, 2026

 

 

5,945

 

 

$

2.81

 

 

 

3.8

 

 

$

2,740

 

Exercisable as of June 30, 2026

 

 

5,945

 

 

$

2.81

 

 

 

3.8

 

 

$

2,740

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense, including the expense related to the ESPP, as recorded in the accompanying condensed statements of operations and comprehensive loss was as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

926

 

 

$

642

 

 

$

1,317

 

 

$

1,357

 

General and administrative

 

 

2,296

 

 

 

1,051

 

 

 

3,276

 

 

 

2,133

 

Total stock-based compensation

 

$

3,222

 

 

$

1,693

 

 

$

4,593

 

 

$

3,490

 
Schedule of Excluding Any Effect of the Option Repricing, Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Grant-Date Fair Value of Stock Options Granted

The weighted-average assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the periods indicated were as follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Expected option life (in years)

 

 

5.3

 

 

 

5.9

 

 

 

5.9

 

 

 

5.9

 

Assumed volatility

 

 

105.0

%

 

 

105.0

%

 

 

107.0

%

 

 

105.0

%

Assumed risk-free interest rate

 

 

4.2

%

 

 

4.0

%

 

 

4.0

%

 

 

4.4

%

Expected dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—