Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
|---|
| Schedule of Share Based Compensation Available for Grant under Incentive Plans |
The number of shares available for grant under the Company’s incentive plans were as follows:
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New |
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Inducement |
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Plan |
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Plan |
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Total |
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Available for grant net of reserve - January 1, 2026 |
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(3,915,288 |
) |
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|
3,142,050 |
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|
(773,238 |
) |
Plan adjustments and amendments |
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|
14,252,582 |
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|
|
— |
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|
14,252,582 |
|
Grants |
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|
(8,630,949 |
) |
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(2,404,030 |
) |
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|
(11,034,979 |
) |
Forfeitures |
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|
1,040,402 |
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|
— |
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|
1,040,402 |
|
Available for grant - June 30, 2026 |
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|
2,746,747 |
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|
738,020 |
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|
3,484,767 |
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| Schedule of Restricted Stock Units Activity |
The Company’s RSU activity for the six months ended June 30, 2026 was as follows:
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Weighted |
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Average |
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Grant Date |
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Number |
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Fair Value |
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of Shares |
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per Share |
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Nonvested at January 1, 2026 |
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6,311,178 |
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|
$ |
1.78 |
|
Restricted units granted |
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|
7,633,035 |
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|
4.98 |
|
Vested |
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(2,004,332 |
) |
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|
1.88 |
|
Cancelled or forfeited |
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|
(441,950 |
) |
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|
3.31 |
|
Nonvested at June 30, 2026 |
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|
11,497,931 |
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|
$ |
3.85 |
|
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| Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP and RSUs |
The following table summarizes the total stock-based compensation expense for the stock options, ESPP and RSUs recorded in the condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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|
2025 |
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Research and development expense |
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$ |
2,928 |
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|
$ |
1,458 |
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$ |
5,789 |
|
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$ |
2,882 |
|
General and administrative expense |
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|
2,882 |
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|
1,732 |
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|
5,568 |
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|
3,602 |
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Total |
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$ |
5,810 |
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$ |
3,190 |
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|
$ |
11,357 |
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|
$ |
6,484 |
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| Stock Options |
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| Schedule of Assumptions Used to Estimate Fair Value of Stock Options |
The following weighted-average assumptions were used to estimate the fair value of time-based vesting stock options that were granted during the three and six months ended June 30, 2026 and 2025:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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|
2025 |
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Risk-free interest rate |
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4.23 |
% |
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|
4.03 |
% |
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|
3.95 |
% |
|
|
4.33 |
% |
Expected dividend yield |
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|
— |
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— |
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|
— |
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|
— |
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Expected term (in years) |
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|
5.9 |
|
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|
5.9 |
|
|
|
6.1 |
|
|
|
6.0 |
|
Expected volatility |
|
|
89 |
% |
|
|
89 |
% |
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|
90 |
% |
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|
89 |
% |
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| Schedule of Stock Option Activity |
The following table summarizes time-based vesting stock option activity during the six months ended June 30, 2026:
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Weighted |
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Weighted |
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Average |
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Aggregate |
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Average |
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Remaining |
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Intrinsic |
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Stock |
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Exercise |
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Contractual |
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Value |
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Options |
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Price |
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Life (in years) |
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(in thousands) |
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Outstanding at January 1, 2026 |
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|
24,569,261 |
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|
$ |
2.90 |
|
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|
8.3 |
|
|
$ |
81,677 |
|
Options granted |
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|
3,401,944 |
|
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|
5.04 |
|
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Options exercised |
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|
(535,158 |
) |
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|
2.02 |
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Options cancelled or forfeited |
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|
(366,050 |
) |
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|
2.95 |
|
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Options expired |
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(70,000 |
) |
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|
26.17 |
|
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Outstanding at June 30, 2026 |
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|
26,999,997 |
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|
$ |
3.12 |
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|
8.0 |
|
|
$ |
114,362 |
|
Options exercisable at June 30, 2026 |
|
|
12,705,882 |
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|
$ |
3.53 |
|
|
|
6.1 |
|
|
$ |
56,576 |
|
|
| Performance Stock Options | Initial Options and Original Options |
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| Schedule of Assumptions Used to Estimate Fair Value of Stock Options |
The following weighted-average assumptions were used to estimate the fair value of the options granted in February 2023 and the Original Options that were granted in May 2023:
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|
Risk-free interest rate |
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|
4.02 |
% |
Expected dividend yield |
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|
— |
|
Expected term (in years) |
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|
6.0 |
|
Expected volatility |
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|
81 |
% |
|
| Performance Stock Options | Modified Options |
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| Schedule of Assumptions Used to Estimate Fair Value of Stock Options |
The following assumptions were used to estimate the fair value of the Modified Options:
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|
|
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|
|
Risk-free interest rate |
|
|
3.90 |
% |
Expected dividend yield |
|
|
— |
|
Expected term (in years) |
|
|
5.8 |
|
Expected volatility |
|
|
88 |
% |
|