v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Weighted-Average Assumptions for Options Issued

The following table sets forth the weighted average assumptions used in estimating the fair value of stock option awards on the grant date:

 

 

 

June 30,

 

 

 

 

2026

 

 

Expected volatility

 

 

112.6

 

%

Risk-free interest rate

 

 

4.27

 

%

Expected term (in years)

 

 

6.0

 

 

Expected dividend yield

 

 

—

 

%

 
Summary of Restricted Stock Units Activity

A summary of restricted stock unit (“RSU”) activity during the periods indicated is as follows:

 

 

Number of Restricted Stock Units

 

 

Weighted Average Grant-Date Fair Value per Share

 

Balance at December 31, 2025

 

 

348,702

 

 

$

6.94

 

Vested

 

 

(178,558

)

 

$

8.38

 

Forfeited

 

 

(2,938

)

 

$

5.44

 

Balance at June 30, 2026

 

 

167,206

 

 

$

5.44

 
Summary of Components of Equity-based Compensation Expense

The following table summarizes the components of stock-based compensation expense resulting from the grant of stock options, RSUs and the Employee Stock Purchase Plan (“ESPP”), recorded in the Company’s condensed consolidated statement of operations and comprehensive loss (in thousands):

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Research and development

 

$

1,330

 

 

$

2,227

 

General and administrative

 

 

3,178

 

 

 

4,990

 

Total stock-based compensation

 

$

4,508

 

 

$

7,217

 
Stock Options [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Options and Options for Common Units Activity

A summary of stock option activity during the periods indicated is as follows:

 

 

 

Number of Stock Option Awards

 

 

Weighted Average Exercise Price

 

 

Weighted
Average
Remaining Contractual Term (in years)

 

 

Aggregate Intrinsic Value (in thousands)

 

Balance at December 31, 2025

 

 

12,867,236

 

 

$

4.03

 

 

 

8.19

 

 

$

5,067

 

Granted

 

 

9,095,726

 

 

$

0.88

 

 

 

 

 

 

 

Exercised

 

 

(100,000

)

 

$

0.62

 

 

 

 

 

 

 

Forfeited

 

 

(868,829

)

 

$

5.32

 

 

 

 

 

 

 

Balance at June 30, 2026

 

 

20,994,133

 

 

$

2.63

 

 

 

8.28

 

 

$

2,390

 

Exercisable at June 30, 2026

 

 

8,473,452

 

 

$

4.78

 

 

 

6.51

 

 

$

988

 

Nonvested at June 30, 2026

 

 

12,520,681

 

 

$

1.20

 

 

 

9.48

 

 

$

1,402