Stock-Based Compensation and Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories of its accompanying unaudited interim condensed statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	1,075	$	867	$	2,112	$	1,555
General and administrative	1,658		1,023		3,036		2,056
Total stock-based compensation	$	2,733	$	1,890	$	5,148	$	3,611

Schedule of option activity

The following table summarizes option activity under the 2020 Plan for the six months ended June 30, 2026:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (Years)
Balance at December 31, 2025	8,648,715	$	5.25	7.06
Granted	5,316,400	4.89
Exercised	(114,170)	2.54
Forfeited	(201,426)	7.00
Balance at June 30, 2026	13,649,519	$	5.10	7.76
Vested and expected to vest	7,436,950	$	4.15	9.15
Exercisable at the end of the period	5,408,654	$	6.54	5.63

Schedule of RSU activity

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


	Awards	Weighted Average Grant Date Fair Value
Balance at December 31, 2025	481,177	$	8.15
Granted	316,000	4.75
Released	(210,488)	7.59
Forfeited	(2,861)	5.93
Balance at June 30, 2026	583,828	$	6.52

Schedule of valuation assumptions

The grant-date fair value of options calculated using the Black-Scholes option pricing model granted under the Company’s 2020 Plan were estimated using the following weighted-average assumptions:


	Six Months Ended June 30,
	2026		2025
Expected term - years	6.03		6.00
Expected volatility	109.8	%	101.4	%
Risk-free interest rate	3.9	%	4.4	%
Expected dividends	—		—

The grant-date fair value of shares issued calculated using the Black-Scholes option pricing model under the Company’s 2020 ESPP were estimated using the following weighted-average assumptions:


	Six Months Ended June 30,
	2026		2025
Expected term - years	0.50		0.50
Expected volatility	109.7	%	107.8	%
Risk-free interest rate	3.9	%	4.7	%
Expected dividends	—		—