v3.26.1
Stock-Based Compensation
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 7 – Stock-Based Compensation

The following tables summarize the components of total stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss (in thousands), classified by expense type and award type:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,436

 

 

$

461

 

 

$

2,068

 

 

$

824

 

General and administrative

 

 

980

 

 

 

373

 

 

 

1,464

 

 

 

722

 

Total stock-based compensation expense

 

$

2,416

 

 

$

834

 

 

$

3,532

 

 

$

1,546

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Stock options

 

$

335

 

 

$

649

 

 

$

847

 

 

$

1,197

 

RSUs

 

 

1,703

 

 

 

109

 

 

 

1,861

 

 

 

198

 

PSUs

 

 

314

 

 

 

 

 

 

673

 

 

 

 

ESPP

 

 

64

 

 

 

76

 

 

 

151

 

 

 

151

 

Total stock-based compensation expense

 

$

2,416

 

 

$

834

 

 

$

3,532

 

 

$

1,546

 

 

As of June 30, 2026, there was $18.1 million of total unrecognized stock-based compensation related to all outstanding equity awards, which is expected to be recognized over a weighted average remaining amortization period of 2.2 years.

The fair value of stock options granted during the periods indicated was estimated using the Black-Scholes option pricing model, based on the following assumptions:

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

Exercise price

 

$24.11 - $29.43

 

$15.81 - $17.24

 

$24.11 - $33.74

 

$10.62 - $17.24

Expected volatility

 

79.1% - 83.0%

 

82.6% - 85.9%

 

79.1% - 83.5%

 

81.9% - 86.4%

Risk-free rate

 

3.96% - 4.30%

 

4.00% - 4.19%

 

3.76% - 4.30%

 

3.97% - 4.42%

Expected term (years)

 

5.5 - 7.5

 

5.5 - 7.0

 

5.5 - 7.5

 

5.5 - 7.0

Expected dividend yield

 

0%

 

0%

 

0%

 

0%