v3.26.1
Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used in Black-Scholes Option-pricing Model to Determine the Fair Value of Stock Options Granted

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

2026

 

 

2025

 

Expected volatility

 

 

 

 

 

 

93.4

%

 

 

92.3

%

Expected dividends

 

 

 

 

 

 

0

%

 

 

0

%

Expected term (in years)

 

 

 

 

 

 

6.0

 

 

 

6.0

 

Risk-free rate

 

 

 

 

 

 

3.98

%

 

 

4.27

%

Summary of RSU activity

The following table summarizes the RSU activity during the six months ended June 30, 2026:

 

Number of
Stock Units

 

 

Weighted Average
Grant Date Fair Value Per Share

 

Unvested and outstanding as of December 31, 2025

 

 

 

 

$

 

Granted

 

 

394,250

 

 

 

25.82

 

Vested

 

 

(44,434

)

 

 

27.07

 

Forfeited

 

 

(22,296

)

 

 

27.07

 

Unvested and outstanding as of June 30, 2026

 

 

327,520

 

 

$

25.57

 

Summary of Stock Options Activity

The following table summarizes the activity of stock options with service-based and performance-based vesting conditions during the six months ended June 30, 2026:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Intrinsic Value
(in thousands)

 

Outstanding as of December 31, 2025

 

 

7,960,728

 

 

$

6.77

 

 

 

8.0

 

 

$

162,277

 

Granted

 

 

1,913,476

 

 

 

21.10

 

 

 

 

 

 

 

Exercised

 

 

(221,189

)

 

 

3.80

 

 

 

 

 

 

 

Forfeited

 

 

(326,594

)

 

 

20.91

 

 

 

 

 

 

 

Expired

 

 

(37,322

)

 

 

8.99

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

9,289,099

 

 

$

9.28

 

 

 

8.0

 

 

$

9,161

 

Options exercisable June 30, 2026

 

 

4,523,418

 

 

$

6.53

 

 

 

7.2

 

 

$

7,350

 

Vested and expected to vest June 30, 2026

 

 

9,289,099

 

 

$

9.28

 

 

 

8.0

 

 

$

9,161

 

Schedule of Classification of Stock-based Compensation in Condensed Consolidated Statements of Operations and Comprehensive Loss

The following table illustrates the classification of stock-based compensation in the condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

General and administrative

 

$

2,378

 

 

$

1,920

 

 

$

5,091

 

 

$

4,075

 

Research and development

 

 

1,976

 

 

 

677

 

 

 

3,910

 

 

 

1,157

 

 

$

4,354

 

 

$

2,597

 

 

$

9,001

 

 

$

5,232