v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Assumptions of Grant Date Fair Value of Stock Options Granted

The assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted during the six months ended June 30, 2026 and 2025 were as follows:

 

 

Six Months Ended June 30,

 

2026

 

2025

Risk-free interest rate range

 

3.62% - 4.35%

 

3.97% - 4.37%

Dividend yield

 

0.00%

 

0.00%

Expected life of options (years)

 

5.5 - 6.1

 

5.5 - 6.1

Volatility rate range

 

100.54% - 101.63%

 

87.51% - 90.82%

 

 
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the six months ended June 30, 2026:

 

Number of
Shares

 

 

Weighted-Average
Exercise Price

 

 

Weighted-Average
Remaining
Contractual Term
(in years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding as of December 31, 2025

 

 

6,176,141

 

 

$

6.01

 

 

 

7.72

 

 

$

1,051

 

Granted

 

 

2,661,632

 

 

 

1.53

 

 

 

 

 

 

 

Exercised

 

 

(8,110

)

 

 

1.04

 

 

 

 

 

 

 

Forfeited

 

 

(449,218

)

 

 

4.24

 

 

 

 

 

 

 

Expired

 

 

(248,048

)

 

 

9.91

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

8,132,397

 

 

$

4.53

 

 

 

7.93

 

 

$

1,082

 

Vested and expected to vest as of June 30, 2026

 

 

8,132,397

 

 

$

4.53

 

 

 

7.93

 

 

$

1,082

 

Vested and exercisable as of June 30, 2026

 

 

3,698,623

 

 

$

6.12

 

 

 

6.50

 

 

$

458

 

 
Summary of RSU activity RSU activity during the six months ended June 30, 2026:

 

 

Restricted Stock Units

 

 

Weighted-Average
Grant Date Fair Value

 

Unvested at December 31, 2025

 

 

222,252

 

 

$

11.64

 

Granted

 

 

932,383

 

 

 

1.65

 

Vested

 

 

(118,820

)

 

 

11.61

 

Forfeited

 

 

(17,222

)

 

 

10.33

 

Unvested at June 30, 2026

 

 

1,018,593

 

 

$

2.52

 
Summary of Share-based Compensation Expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

General and administrative

 

$

1,382

 

 

$

2,914

 

 

$

2,670

 

 

$

5,796

 

Research and development

 

 

832

 

 

 

1,013

 

 

 

1,725

 

 

 

1,922

 

Total stock-based compensation expense

 

$

2,214

 

 

$

3,927

 

 

$

4,395

 

 

$

7,718