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 Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Research and development expenses | $ | 2,689 | | | $ | 1,575 | | | $ | 4,480 | | | $ | 3,146 | | | General and administrative expenses | 5,173 | | | 1,833 | | | 7,011 | | | 4,310 | | | Total expense | $ | 7,862 | | | $ | 3,408 | | | $ | 11,491 | | | $ | 7,456 | |
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| Schedule of Share-Based Payment Arrangement, Option, Activity |
The following table summarizes the option activity: | | | | | | | | | | | | | | | | | | | Options | Number
of
shares | | Weighted
average
exercise price
per share | | Weighted average remaining contractual term (in years) | | Outstanding at December 31, 2025 | 2,088,550 | | $ | 23.49 | | | 7.91 | | Granted | 988,533 | | $ | 19.52 | | | | | Exercised | (22,698) | | | $ | 9.84 | | | | | Expired/Forfeited | (77,191) | | | $ | 24.64 | | | | | Outstanding at June 30, 2026 | 2,977,194 | | $ | 22.25 | | | 8.12 | | Exercisable at June 30, 2026 | 1,177,772 | | $ | 24.08 | | | 6.72 |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The fair value of each option was estimated on the grant date using the weighted-average assumptions in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Expected volatility | 96.14%-97.08% | | 94.60%-96.19% | | 96.14%-97.43% | | 93.99%-96.49% | | Risk-free interest rate | 4.03%-4.21% | | 3.86%-4.05% | | 3.64%-4.21% | | 3.86% - 4.42% | | Expected life (in years) | 6.03-6.07 | | 5.27-6.08 | | 5.27-6.98 | | 5.27 - 6.96 | | Expected dividend yield | — | | | — | | | — | | | — | |
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| Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the six months ended June 30, 2026 is as follows: | | | | | | | | | | | | | RSUs | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested at December 31, 2025 | 256,361 | | | $ | 26.16 | | | Restricted stock units granted | 150,430 | | | $ | 17.64 | | | Restricted stock units vested | (104,662) | | | $ | 28.16 | | | Restricted stock units forfeited | (14,207) | | | $ | 23.15 | | | Unvested at June 30, 2026 | 287,922 | | | $ | 21.13 | |
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| Schedule of Share-Based Payment Arrangement, Performance Shares, Activity |
A summary of the Company’s performance stock unit (“PSU”) activity and related information for the six months ended June 30, 2026 is as follows: | | | | | | | | | | | | | PSUs | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested at December 31, 2025 | 252,124 | | | $ | 36.06 | | | Performance stock units granted | — | | | $ | — | | | Performance stock units vested | — | | | $ | — | | | Performance stock units forfeited | — | | | $ | — | | | Unvested at June 30, 2026 | 252,124 | | | $ | 36.06 | |
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