v3.26.1
Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Activity

The following table summarizes stock options activity, inclusive of early exercises, for the six months ended June 30, 2026 (in thousands, except per share data and years):

 

 

 

Number of Options

 

 

Weighted
average
exercise price

 

 

Weighted
average
remaining
contractual term

 

 

Aggregate
Intrinsic value

 

Outstanding at December 31, 2025

 

 

13,025,261

 

 

$

2.74

 

 

 

8.98

 

 

$

39,810

 

Granted

 

 

13,971,473

 

 

 

8.62

 

 

 

 

 

 

Exercised

 

 

(542,484

)

 

 

2.27

 

 

 

 

 

 

Forfeited

 

 

(828,533

)

 

 

3.49

 

 

 

 

 

 

Expired

 

 

(8,602

)

 

 

2.35

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

25,617,115

 

 

$

5.93

 

 

 

9.11

 

 

$

458,989

 

Exercisable as of June 30, 2026

 

 

9,700,842

 

 

$

3.84

 

 

 

8.55

 

 

$

194,144

 

Vested and expected to vest at June 30, 2026

 

 

25,617,115

 

 

$

5.93

 

 

 

9.11

 

 

$

458,989

 

Summary of Restricted Stock Awards Activity

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

 

 

 

Shares of Restricted Stock Awards

 

 

Weighted Average Grant date FV

 

 

Shares of Restricted Stock Units

 

 

Weighted Average Grant date FV

 

Unvested restricted stock as of December 31, 2025

 

 

995,506

 

 

$

5.20

 

 

 

 

 

$

 

Granted

 

 

 

 

 

 

 

 

2,205,481

 

 

 

15.77

 

Vested

 

 

(331,831

)

 

 

5.20

 

 

 

(19,684

)

 

 

9.42

 

Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

Unvested restricted stock as of June 30, 2026

 

 

663,675

 

 

$

5.20

 

 

 

2,185,797

 

 

$

15.82

 

 

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense was included in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

3,434

 

 

$

4,605

 

 

$

5,766

 

 

$

5,841

 

General and administrative

 

 

8,261

 

 

 

14,046

 

 

 

11,287

 

 

 

15,748

 

Total stock-based compensation expense

 

$

11,695

 

 

$

18,651

 

 

$

17,053

 

 

$

21,589