v3.26.1
Equity Incentive Plan (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Summary of Stock Option Activity

The following table summarizes the stock option activity for the six months ended June 30, 2026:

 

 

 

Shares
(in thousands)

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

Outstanding at December 31, 2025

 

 

28,705

 

 

$

2.98

 

 

 

7.64

 

Granted

 

 

366

 

 

$

0.99

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

Expired and forfeited

 

 

(808

)

 

$

7.30

 

 

 

 

Outstanding at June 30, 2026

 

 

28,263

 

 

$

2.83

 

 

 

7.24

 

 
Summary of Fair Value of Option Grant on Grant Date and Employee Stock Purchase Plan Using Black-Scholes Option Pricing Model

We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model. The following are the weighted-average assumptions:

 

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

3.9

%

 

 

4.3

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

Volatility

 

 

79.9

%

 

 

80.1

%

Expected life (years)

 

6 to 10

 

 

6 to 10

 

We estimated the fair value of each purchase right granted under our 1997 Employee Stock Purchase Plan, as amended, at the beginning of each new offering period using the Black-Scholes option pricing model. The following are the weighted average assumptions:

 

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

3.8

%

 

 

4.2

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

Volatility

 

 

67.7

%

 

 

79.1

%

Expected life (months)

 

 

6

 

 

 

6

 
Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity ("RSUs") for the six months ended June 30, 2026:

 

 

 

Shares
(in thousands)

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at December 31, 2025

 

 

3,799

 

 

$

1.91

 

Granted

 

 

8,051

 

 

$

1.31

 

Released

 

 

(1,084

)

 

$

1.73

 

Expired and forfeited

 

 

(187

)

 

$

1.51

 

Outstanding at June 30, 2026

 

 

10,579

 

 

$

1.49

 
Summary of Stock-Based Compensation Expense related to Stock-Based Payment Awards Granted

The following table summarizes stock-based compensation expense related to stock-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

278

 

 

$

276

 

 

$

532

 

 

$

521

 

General and administrative

 

 

1,979

 

 

 

1,825

 

 

 

3,833

 

 

 

3,396

 

Sales and marketing

 

 

921

 

 

 

696

 

 

 

1,789

 

 

 

1,391

 

Total stock-based compensation expense

 

$

3,178

 

 

$

2,797

 

 

$

6,154

 

 

$

5,308