v3.26.1
Equity Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table presents stock option activity under the Plans for the period:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Balances as of December 31, 2025

 

 

18,645,325

 

 

$

6.69

 

 

 

7.53

 

 

$

17,234

 

Stock options granted

 

 

5,537,313

 

 

$

5.14

 

 

 

 

 

 

 

Stock options exercised

 

 

(240,970

)

 

$

3.29

 

 

 

 

 

 

 

Stock options forfeited

 

 

(751,353

)

 

$

5.11

 

 

 

 

 

 

 

Balances as of June 30, 2026

 

 

23,190,315

 

 

$

6.40

 

 

 

7.57

 

 

$

26,703

 

Vested and Exercisable as of June 30, 2026

 

 

12,147,453

 

 

$

8.23

 

 

 

6.29

 

 

$

11,266

 
Summary of RSU Activity under Equity Incentive Plan

A summary of RSU activity under the Company’s equity incentive plan and related information is as follows:

 

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Unvested as of December 31, 2025

 

 

1,252,847

 

 

$

3.31

 

Granted

 

 

1,855,563

 

 

 

5.38

 

Vested

 

 

(501,341

)

 

 

3.69

 

Cancelled

 

 

(218,596

)

 

 

4.53

 

Unvested as of June 30, 2026

 

 

2,388,473

 

 

$

4.73

 
Summary of Stock-Based Compensation Expense

The total stock-based compensation expense recognized was as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

2,663

 

 

$

2,688

 

 

$

5,031

 

 

$

5,517

 

General and administrative

 

 

2,150

 

 

 

1,517

 

 

 

3,938

 

 

 

3,766

 

Total stock-based compensation expense

 

$

4,813

 

 

$

4,205

 

 

$

8,969

 

 

$

9,283

 
Summary of Fair Value of Each Stock Option Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model

The fair value of each stock option issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

2026

 

 

2025

Expected term (in years)

 

5.50 - 6.08

 

 

5.50 - 6.08

 

5.50 - 6.08

 

 

5.50 - 6.08

Expected volatility

 

90.60% - 91.90%

 

 

93.70% - 93.80%

 

90.60% - 92.30%

 

 

92.30% - 93.80%

Risk-free interest rate

 

4.21% - 4.33%

 

 

4.03% - 4.15%

 

3.72% - 4.33%

 

 

4.03% - 4.49%

Dividend yield

 

 

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