Stock Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
Jun. 30, 2025 |
| Share-Based Payment Arrangement [Abstract] |
|
|
| Summary of Company's Equity Plans |
The table below summarizes the Company's equity plans as of June 30, 2026:
|
|
|
|
|
|
|
|
|
Plan |
|
Maximum Number of Shares Authorized |
|
|
Shares Available for Future Issuance |
|
2024 Inducement Plan |
|
|
4,390,000 |
|
|
|
655,797 |
|
2021 Equity Incentive Plan |
|
|
13,614,767 |
|
|
|
3,978,065 |
|
2017 Equity Incentive Plan |
|
|
2,275,305 |
|
|
|
— |
|
2021 Employee Stock Purchase Plan |
|
|
2,029,448 |
|
|
|
1,809,406 |
|
|
|
| Summary of Share-based Compensation Arrangements by Share-based Payment Award |
Stock option activity under the 2017 EIP, 2021 EIP, and 2024 Inducement Plan for the period ended June 30, 2026 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Options |
|
|
Weighted Average Exercise Price per Share |
|
|
Weighted Average Remaining Contractual Life (Years) |
|
|
Aggregate Intrinsic Value (000s) |
|
Outstanding as of December 31, 2025 |
|
|
8,395,290 |
|
|
$ |
19.59 |
|
|
|
7.58 |
|
|
$ |
260,696 |
|
Granted |
|
|
2,155,339 |
|
|
$ |
41.93 |
|
|
|
|
|
|
|
Exercised |
|
|
(322,634 |
) |
|
$ |
13.70 |
|
|
|
|
|
|
|
Cancelled and forfeited |
|
|
(312,144 |
) |
|
$ |
32.41 |
|
|
|
|
|
|
|
Outstanding as of June 30, 2026 |
|
|
9,915,851 |
|
|
$ |
24.23 |
|
|
|
7.59 |
|
|
$ |
187,146 |
|
Options exercisable as of June 30, 2026 |
|
|
5,019,619 |
|
|
$ |
16.62 |
|
|
|
6.43 |
|
|
$ |
132,361 |
|
Vested and expected to vest as of June 30, 2026 |
|
|
9,915,851 |
|
|
$ |
24.23 |
|
|
|
7.59 |
|
|
$ |
187,146 |
|
|
|
| Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
|
The following table shows RSU activity for the period ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted Average Grant Date Fair Value per Share |
|
Unvested balance as of December 31, 2025 |
|
|
1,599,840 |
|
|
$ |
28.67 |
|
Granted |
|
|
1,031,465 |
|
|
|
42.46 |
|
Vested |
|
|
(295,870 |
) |
|
|
27.12 |
|
Cancelled and forfeited |
|
|
(144,673 |
) |
|
|
29.99 |
|
Unvested balance as of June 30, 2026 |
|
|
2,190,762 |
|
|
$ |
35.28 |
|
|
| Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount |
The following tables summarize the stock-based compensation expense for stock options and restricted stock units granted to employees and non-employees and for ESPP stock-based compensation that was recorded in the Company’s condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development |
|
$ |
6,977 |
|
|
$ |
4,328 |
|
|
$ |
13,406 |
|
|
$ |
7,753 |
|
General and administrative |
|
|
8,886 |
|
|
|
5,144 |
|
|
|
15,665 |
|
|
|
9,463 |
|
Total stock-based compensation expense |
|
$ |
15,863 |
|
|
$ |
9,472 |
|
|
$ |
29,071 |
|
|
$ |
17,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Employees |
|
$ |
15,155 |
|
|
$ |
8,847 |
|
|
$ |
27,834 |
|
|
$ |
15,836 |
|
Non-employees |
|
|
708 |
|
|
|
625 |
|
|
|
1,237 |
|
|
|
1,380 |
|
Total stock-based compensation expense |
|
$ |
15,863 |
|
|
$ |
9,472 |
|
|
$ |
29,071 |
|
|
$ |
17,216 |
|
|
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of stock options granted during the three and six months ended June 30, 2026 and 2025 was estimated using the Black-Scholes option pricing model based on the following assumptions:
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
2026 |
2025 |
|
2026 |
2025 |
Expected term (in years) |
|
5.5 – 6.1 |
5.5 – 6.1 |
|
5.5 – 6.1 |
5.5 – 6.1 |
Expected volatility |
|
78.1% – 82.5% |
81.8% – 83.9% |
|
78.1% – 87.6% |
81.8% – 83.9% |
Risk-free rate |
|
4.0% – 4.3% |
3.8% – 4.3% |
|
3.7% – 4.3% |
3.8% – 4.5% |
Dividend yield |
|
— |
— |
|
— |
— |
|
|