Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Weighted Average Fair Values and Valuation Assumptions |
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted:
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Three Months Ended June 30, |
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Three Months Ended June 30, |
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Six Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Expected term (in years) |
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6.0 |
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5.7 |
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5.8 |
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5.8 |
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Expected volatility |
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69.1 |
% |
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61.8 |
% |
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69.2 |
% |
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61.0 |
% |
Risk-free interest rate |
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4.1 |
% |
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4.1 |
% |
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4.0 |
% |
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4.4 |
% |
Expected dividend yield |
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— |
% |
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— |
% |
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— |
% |
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— |
% |
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| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity since December 31, 2025:
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Number of
Shares |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic
Value |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2025 |
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21,351,941 |
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$ |
2.96 |
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8.1 |
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$ |
15,525 |
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Granted |
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10,864,376 |
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$ |
1.73 |
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Exercised |
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(80,861 |
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$ |
1.12 |
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Forfeited |
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(1,907,138 |
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$ |
2.08 |
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Outstanding at June 30, 2026 |
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30,228,318 |
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$ |
2.58 |
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8.4 |
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$ |
260 |
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Vested and expected to vest at June 30, 2026 |
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30,228,318 |
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$ |
2.58 |
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8.4 |
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$ |
260 |
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Options exercisable at June 30, 2026 |
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12,905,085 |
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$ |
3.79 |
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7.4 |
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$ |
113 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the Company’s RSU activity since December 31, 2025:
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Number
of Shares |
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Weighted Average Grant Date Fair Value |
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Unvested at December 31, 2025 |
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1,539,000 |
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$ |
1.49 |
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Granted |
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— |
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$ |
— |
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Vested |
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(660,999 |
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$ |
1.54 |
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Forfeited |
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(100,000 |
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$ |
1.15 |
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Unvested at June 30, 2026 |
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778,001 |
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$ |
1.49 |
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| Summary of Share Based Compensation Expense Recognized |
The Company recorded stock-based compensation expense (service-based stock options, RSUs, and the Company’s employee stock purchase plan) in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):
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Three Months Ended June 30, |
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Three Months Ended June 30, |
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Six Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development |
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$ |
741 |
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$ |
787 |
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$ |
1,474 |
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$ |
1,618 |
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Selling, general and administrative |
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2,154 |
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2,393 |
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4,118 |
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4,388 |
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$ |
2,895 |
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$ |
3,180 |
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$ |
5,592 |
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$ |
6,006 |
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