v3.26.1
Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

A summary of the Company’s stock option activity under the 2021 Plan and 2018 Plan is as follows (in thousands, except share and per share data and years):

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

Weighted-

 

 

average remaining

 

 

Aggregate

 

 

 

 

 

 

average

 

 

contractual

 

 

intrinsic

 

 

 

Shares

 

 

exercise price

 

 

term (years)

 

 

value

 

Outstanding at December 31, 2025

 

 

47,461,519

 

 

$

3.24

 

 

 

7.55

 

 

$

61,659

 

Granted

 

 

12,095,787

 

 

 

10.39

 

 

 

 

 

 

 

Exercised

 

 

(1,915,853

)

 

 

2.38

 

 

 

 

 

 

 

Canceled

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

57,641,453

 

 

$

4.29

 

 

 

7.61

 

 

$

808,594

 

Options exercisable at June 30, 2026

 

 

31,270,789

 

 

$

3.35

 

 

 

6.66

 

 

$

468,155

 
Assumptions used to Determine Fair Value of Stock Option Grants

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

Risk-free interest rate

 

4.06%-4.25%

 

3.96%-4.04%

 

3.72%-4.25%

 

3.96%-4.43%

Expected volatility

 

77.93%-81.79%

 

80.33%-82.36%

 

73.54%-81.79%

 

79.48%-82.36%

Expected term (in years)

 

5.50-6.06

 

5.50-6.02

 

5.28-6.08

 

5.28-6.08

Expected dividend yield

 

--%

 

--%

 

--%

 

--%

 
Assumptions used to Determine Fair Value of Stock to be Purchased under ESPP

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock to be purchased under the ESPP were as follows:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

Risk-free interest rate

 

3.81%-4.05%

 

3.97%-4.32%

 

3.81%-4.05%

 

3.97%-4.32%

Expected volatility

 

97.28%-136.99%

 

76.13%-92.99%

 

97.28%-136.99%

 

76.13%-92.99%

Expected term (in years)

 

0.5-2.0

 

0.5-2.0

 

0.5-2.0

 

0.5-2.0

Expected dividend yield

 

--%

 

--%

 

--%

 

--%

 
Schedule of Stock-based Compensation Expense

The allocation of stock-based compensation for all stock awards was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

4,891

 

 

$

2,938

 

 

$

9,061

 

 

$

6,056

 

General and administrative

 

 

4,715

 

 

 

3,460

 

 

 

9,005

 

 

 

7,055

 

Total

 

$

9,606

 

 

$

6,398

 

 

$

18,066

 

 

$

13,111