v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes information and activity related to the Company’s stock options for the six months ended June 30, 2026:
Number of
Stock Options		Weighted Average
Exercise Price		Weighted Average
Remaining Contractual Life
(in years)		Total
Intrinsic Value
(in thousands)
Outstanding as of December 31, 20252,621,203 $13.50 6.9$5,057 
Options granted
546,003 8.27 
Options exercised (23,490)4.96 
Forfeited (unvested)(2,347)4.51 
Outstanding as of June 30, 20263,141,369 $12.66 7.0$24 
Options vested and exercisable1,698,838 $17.17 5.4$23 
Schedule of Black-Scholes Option-Pricing Model Following Assumptions
The fair value of each employee and non-employee stock option grant was estimated on the date of grant using Black-Scholes based on the following weighted average assumptions.
OptionsThree months ended June 30,Six months ended June 30,
2026202520262025
Risk-free interest rate4.0 %4.0 %3.9 %4.2 %
Expected dividend yield0.0 %0.0 %0.0 %0.0 %
Expected term in years
6.05.96.16.0
Expected volatility105.7 %107.4 %105.4 %107.1 %
Schedule of Restricted Stock Unit, Activity
The following table summarizes information and activity related to the Company’s restricted stock units (“RSUs”) for the three months ended June 30, 2026:
Number of
Restricted Stock Units
Weighted Average
Grant Date Fair Value
Unvested as of December 31, 2025
— $— 
RSUs granted235,234 8.10 
RSUs vested
— — 
RSUs forfeited
— — 
Unvested as of June 30, 2026
235,234 $8.10 
Schedule of Components of Stock-Based Compensation Expense
The following table summarizes total stock-based compensation expense, which includes expense related to stock options and RSUs, as recorded in the condensed consolidated statements of operations (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Research and development$385 $262 $735 $491 
General and administrative550 448 1,068 736 
Total$935 $710 $1,803 $1,227