Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
|---|
| Stock-Based Compensation [Abstract] |
|
| Weighted-Average Assumptions for Stock Options |
The weighted average assumptions that the Company used in a Black-Scholes pricing model to determine the fair value of stock options granted to employees, non-employees and directors were as follows:
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Six Months Ended June 30, |
|
|
2026 |
|
2025 |
|
Risk-free interest rate |
|
2.99 |
% |
|
4.31 |
% |
Expected term (in years) |
|
4.24 |
|
|
5.42 |
|
Expected volatility |
|
71.87 |
% |
|
71.68 |
% |
Expected dividend yield |
|
0.00 |
% |
|
0.00 |
% |
Exercise price |
$ |
4.25 |
|
$ |
10.51 |
|
Fair value of common stock |
$ |
4.25 |
|
$ |
10.51 |
|
|
| Stock Option Activity |
The following table summarizes stock option activity for the six months ended June 30, 2026:
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Weighted |
|
Weighted |
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Average |
|
Average |
|
Aggregate |
|
|
Number of |
|
Exercise |
|
Contractual |
|
Intrinsic |
|
|
Shares |
|
Price |
|
Term (Years) |
|
Value |
|
Outstanding as of December 31, 2025 |
|
12,163,019 |
|
$ |
19.98 |
|
|
4.53 |
|
|
706 |
|
Granted |
|
3,433,942 |
|
|
4.25 |
|
|
7.96 |
|
|
|
Exercised |
|
(95,537 |
) |
|
1.59 |
|
|
|
|
|
Cancelled or forfeited |
|
(2,036,132 |
) |
|
23.45 |
|
|
|
|
|
Outstanding as of June 30, 2026 |
|
13,465,292 |
|
$ |
15.58 |
|
|
4.99 |
|
|
1,106 |
|
|
|
|
|
|
|
|
|
|
Options vested and exercisable as of June 30, 2026 |
|
8,635,055 |
|
$ |
21.66 |
|
|
3.04 |
|
$ |
136 |
|
Options unvested as of June 30, 2026 |
|
4,830,237 |
|
$ |
4.71 |
|
|
8.48 |
|
$ |
970 |
|
|
| RSU Activity |
The following table summarizes the Company’s RSU activity for the six months ended June 30, 2026:
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|
Weighted Average |
|
|
Number of |
|
Grant Date |
|
|
Shares |
|
Fair Value |
|
Unvested as of December 31, 2025 |
|
5,000,566 |
|
$ |
6.51 |
|
Granted |
|
4,338,039 |
|
|
4.19 |
|
Vested(1) |
|
(1,351,771 |
) |
|
8.22 |
|
Forfeited |
|
(691,375 |
) |
|
6.18 |
|
Unvested as of June 30, 2026 |
|
7,295,459 |
|
$ |
4.84 |
|
(1) Includes 227,667 vested shares for the six months ended June 30, 2026, that were not distributed until July 2026.
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| Stock-Based Compensation Expense by Award Type |
Stock-based compensation expense recognized by award type was as follows:
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Stock options |
$ |
2,536 |
|
$ |
5,454 |
|
$ |
6,084 |
|
$ |
11,361 |
|
RSUs |
|
4,883 |
|
|
5,403 |
|
|
9,828 |
|
|
9,827 |
|
Total stock-based compensation expense |
$ |
7,419 |
|
$ |
10,857 |
|
$ |
15,912 |
|
$ |
21,188 |
|
|
| Stock-Based Compensation Expense |
Stock-based compensation expense by classification included within the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) was as follows:
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Research and development |
$ |
3,492 |
|
$ |
4,821 |
|
$ |
7,799 |
|
$ |
9,209 |
|
General and administrative |
|
3,927 |
|
|
6,036 |
|
|
8,113 |
|
|
11,979 |
|
Total stock-based compensation expense |
$ |
7,419 |
|
$ |
10,857 |
|
$ |
15,912 |
|
$ |
21,188 |
|
|