v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Share-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expense

 

$

928

 

 

$

664

 

 

$

1,852

 

 

$

1,327

 

Selling, general and administrative expense(1)

 

 

11,467

 

 

 

4,707

 

 

 

17,966

 

 

 

9,342

 

Total

 

$

12,395

 

 

$

5,371

 

 

$

19,818

 

 

$

10,669

 

_____________

(1) Stock-based compensation expense for the three and six months ended June 30, 2026 included $5.3 million resulting from the accelerated vesting of previously unvested equity awards upon the termination of a former executive officer.
Summary of Activity Related to Stock Option

A summary of the Company’s stock option activity for the six months ended June 30, 2026 is as follows:

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Shares

 

 

Weighted-

 

 

Average

 

 

Aggregate

 

 

 

Subject to

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Options

 

 

Exercise

 

 

Contractual

 

 

Value

 

 

 

Outstanding

 

 

Price

 

 

Life (Years)

 

 

(in thousands)

 

Outstanding at December 31, 2025

 

 

16,744,639

 

 

$

7.66

 

 

 

 

 

 

 

Granted

 

 

4,274,040

 

 

$

11.20

 

 

 

 

 

 

 

Exercised

 

 

(48,042

)

 

$

3.83

 

 

 

 

 

 

 

Forfeited

 

 

(395,653

)

 

$

11.76

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

20,574,984

 

 

$

8.33

 

 

 

7.2

 

 

$

35,167

 

Exercisable at June 30, 2026

 

 

12,564,240

 

 

$

7.06

 

 

 

6.2

 

 

$

32,291

 

 
Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following assumptions:

 

 

Six Months Ended June 30,

 

 

2026

 

2025

Expected term (in years)

 

5.5 – 6.1

 

5.5 – 6.1

Expected volatility

 

81.8% – 85.2%

 

84.3% – 87.3%

Risk-free interest rate

 

3.7% – 4.3%

 

3.9% – 4.4%

Expected dividend yield

 

0%

 

0%