Equity Incentive Plans (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Option Activity |
A summary of option activity under the 2019 Plan, 2024 Plan and the Inducement Plan is as follows:
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Number of
Options |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Term (in
years) |
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Aggregate
Intrinsic
Value
(in
thousands) |
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Outstanding at December 31, 2025 |
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9,330,722 |
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$ |
4.77 |
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|
8.50 |
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$ |
43,821 |
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Options granted |
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2,886,218 |
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$ |
8.60 |
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Options exercised |
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(520,351 |
) |
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$ |
3.64 |
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Options forfeited |
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(1,003,158 |
) |
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$ |
4.30 |
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Options expired |
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(103,219 |
) |
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$ |
8.90 |
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Outstanding at June 30, 2026 |
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10,590,212 |
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$ |
5.88 |
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8.52 |
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$ |
32,714 |
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Exercisable at June 30, 2026 |
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3,572,604 |
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$ |
4.93 |
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|
7.51 |
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$ |
14,579 |
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Vested and expected to vest at June 30, 2026 |
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10,590,212 |
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$ |
5.88 |
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8.52 |
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$ |
32,714 |
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| Summary of RSU activity and Performance RSUs |
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Number of RSUs |
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Weighted-
Average
Grant Date Fair Value |
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Unvested at December 31, 2025 |
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1,182,404 |
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$ |
3.96 |
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Granted – RSUs |
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1,103,809 |
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|
8.55 |
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Vested – RSUs |
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(278,773 |
) |
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2.80 |
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Forfeited – RSUs |
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(344,819 |
) |
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3.00 |
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Unvested at June 30, 2026 |
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1,662,621 |
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$ |
7.40 |
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Number of Performance RSUs |
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Weighted-
Average
Grant Date Fair Value |
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Unvested at December 31, 2025 |
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100,000 |
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$ |
8.05 |
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Granted – PRSUs |
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24,301 |
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8.12 |
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Forfeited – PRSUs |
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(100,000 |
) |
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8.05 |
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Unvested at June 30, 2026 |
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24,301 |
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$ |
8.12 |
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| Schedule of Fair Value of Options Granted to Employees and Nonemployees Estimated using Black-Scholes Valuation Model using the Assumptions |
The fair value of options granted was estimated using the Black-Scholes valuation model using the following assumptions for the three and six months ended June 30, 2026 and 2025, respectively:
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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 |
Expected volatility |
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89.3%-90.3% |
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95.1% - 97.6% |
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89.3%-94.9% |
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95.1% - 97.6% |
Expected dividend yield |
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0% |
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0% |
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0% |
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0% |
Expected term (in years) |
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5.5 - 6.1 |
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5.5-6.1 |
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5.5 - 6.1 |
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5.4-6.1 |
Risk-free interest rate |
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4.1%-4.4% |
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3.9%-4.2% |
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3.6%-4.4% |
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3.9%-4.5% |
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| Schedule of Stock-based Compensation Expense |
The following table presents the classification of stock-based compensation expense related to stock options and RSUs, including PRSUs, granted (in thousands):
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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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Research and development |
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$ |
1,102 |
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$ |
898 |
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$ |
1,938 |
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$ |
1,704 |
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General and administrative |
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2,405 |
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1,620 |
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4,740 |
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2,975 |
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Total stock-based compensation expense |
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$ |
3,507 |
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$ |
2,518 |
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$ |
6,678 |
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$ |
4,679 |
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The above stock-based compensation expense was related to the following stock-based awards (in thousands):
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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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Restricted stock units and PRSUs |
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$ |
742 |
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$ |
287 |
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$ |
1,244 |
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$ |
492 |
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Stock options |
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2,765 |
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2,231 |
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5,434 |
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4,187 |
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Total stock-based compensation expense |
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$ |
3,507 |
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$ |
2,518 |
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$ |
6,678 |
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$ |
4,679 |
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