Equity Incentive Plans and Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards |
Excluding the effect of the repriced options, the Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions: | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2026 | | 2025 | 2026 | | 2025 | | Expected volatility | 83.22% - 85.89% | | 88.02% - 89.30% | 83.22% - 87.39% | | 86.82% - 89.30% | | Risk-free interest rate | 4.16% - 4.21% | | 3.98% - 4.12% | 3.91% - 4.21% | | 3.98% - 4.45% | | Expected dividend | — | | — | — | | — | | Expected term (in years) | 5.31 - 6.06 | | 5.34 - 6.07 | 5.31 - 6.06 | | 5.34 - 6.08 | | Underlying common stock fair value | $1.14 | | $1.37 - $1.61 | $1.14 - $1.30 | | $1.37 - $12.63 |
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| Schedule of Option Activity Under the 2015 Plan and 2020 Plan |
A summary of option activity under the 2015 Plan, 2020 Plan and 2022 Plan is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Number
of
Options | | Weighted-
Average Exercise
Price per Share | | Weighted-
Average
Remaining
Contractual
Term (in Years) | | Aggregate
Intrinsic
Value | | Outstanding as of December 31, 2025 | 7,456,066 | | | $ | 15.28 | | | 5.60 | | $ | — | | | Granted | 5,117,500 | | | $ | 1.29 | | | | | | | Exercised | — | | | $ | — | | | | | | | Forfeited | (1,004,547) | | | $ | 13.91 | | | | | | | Outstanding as of June 30, 2026 | 11,569,019 | | | $ | 9.21 | | | 7.26 | | $ | — | | | Exercisable as of June 30, 2026 | 5,677,190 | | | $ | 14.28 | | | 5.43 | | $ | — | | | Vested and expected to vest as of June 30, 2026 | 11,569,019 | | | $ | 9.21 | | | 7.26 | | $ | — | |
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| Schedule of Restricted Stock Activity |
The service-based condition for restricted stock units (“RSUs”) is generally satisfied over three years. | | | | | | | | | | | | | Restricted Stock Units | | Weighted Average Grant Date Fair Value | | Unvested and outstanding as of December 31, 2025 | 858,247 | | | $ | 16.04 | | | Granted | 107,751 | | | $ | 1.30 | | | Released | (405,212) | | | $ | 19.94 | | | Forfeited | (36,072) | | | $ | 5.71 | | | Unvested and outstanding as of June 30, 2026 | 524,714 | | | $ | 10.70 | |
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| Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan |
The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions: | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | | Expected volatility | | 62.35% | | 208.00% | | Risk-free interest rate | | 3.68% | | 4.29% | | Expected dividend | | — | | — | | Expected term (in years) | | 0.50 | | 0.50 |
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| Schedule of Classification of Stock-based Compensation Expense |
The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards 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 | | Stock options and ESPP | | $ | 3,259 | | | $ | 4,406 | | | $ | 6,387 | | | $ | 10,367 | | | Restricted stock units | | 927 | | | 1,976 | | | 2,053 | | | 4,927 | | | Total stock-based compensation expense | | $ | 4,186 | | | $ | 6,382 | | | $ | 8,440 | | | $ | 15,294 | | | Research and development expenses | | $ | 1,464 | | | $ | 1,935 | | | $ | 3,191 | | | $ | 5,637 | | | General and administrative expenses | | $ | 2,722 | | | $ | 4,447 | | | $ | 5,249 | | | $ | 9,657 | |
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