v3.26.1
Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Units (RSU) The following table summarizes the RSU activity:

 

 

 

Number of Shares

 

Unvested balance at December 31, 2025

 

 

744,770

 

Awarded

 

 

1,290,476

 

Vested

 

 

(100,241

)

Canceled/Forfeited

 

 

(118,263

)

Unvested balance at June 30, 2026

 

 

1,816,742

 

Summary of Stock Options Activity

The following table summarizes the stock options activity:

 

 

 

Number of Shares Underlying
Outstanding Options

 

Balances at December 31, 2025

 

 

9,412,808

 

Options granted

 

 

3,176,795

 

Options exercised

 

 

(217,393

)

Options expired

 

 

(341,964

)

Options forfeited

 

 

(293,098

)

Balances at June 30, 2026

 

 

11,737,148

 

Options exercisable at June 30, 2026

 

 

6,081,392

 

Options vested and expected to vest at June 30, 2026

 

 

11,737,148

 

 

Summary of Assumptions Used in Black-Scholes Valuation Model to Estimate Fair Value of Stock Options The fair value of the Companys stock options was estimated using the following assumptions:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

Expected term

 

5.9 - 6.1 years

 

5.9 years

 

5.9 - 6.1 years

 

5.9 - 6.1 years

Expected volatility

 

85.9% - 87.3%

 

86.5% - 88.9%

 

85.9% - 89.0%

 

84.9% - 88.9%

Risk-free interest rate

 

4.0% - 4.3%

 

4.1%

 

3.8% - 4.3%

 

4.1% - 4.6%

Expected dividend yield

 

%

 

%

 

%

 

%

Summary of Stock-based Compensation Expense for Employees and Nonemployees by Function

The following table is a summary of stock-based compensation expense incurred for employees and nonemployees by function (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

2,720

 

 

$

2,498

 

 

$

4,652

 

 

$

6,479

 

General and administrative

 

 

3,164

 

 

 

2,460

 

 

 

5,685

 

 

 

5,465

 

Total stock-based compensation expense

 

$

5,884

 

 

$

4,958

 

 

$

10,337

 

 

$

11,944