v3.26.1
Equity Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes stock option activity during the six months ended June 30, 2026:
Shares Subject to
Options Outstanding		Weighted-
Average
SharesWeighted-
Average
Exercise
Price		Remaining
Contractual
Life
(Years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding as of December 31, 202547,436,953 $1.74 7.4$84,257 
Options granted63,000,828 $0.91 
Options exercised(211,460)$1.04 
Options forfeited/cancelled(55,541,870)$1.74 
Outstanding as of June 30, 202654,684,451 $0.79 6.1$— 
Options vested and expected to vest as of June 30, 202654,684,451 $0.79 6.1$— 
Options exercisable as of June 30, 202627,944,056 $1.06 5.0$— 
Schedule of Restricted Stock Activity
The summary of the Company’s restricted stock grants activity during the six months ended June 30, 2026 is as follows:
Number of
Restricted
Stock Grants
Outstanding		Weighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 20254,126,962 $1.71 
Granted4,039,821 2.88 
Forfeited(1,608,868)2.17 
Nonvested at June 30, 20266,557,915 $2.31 
Schedule of Stock-Based Compensation Expense Reported in Condensed Consolidated Statements of Operations
Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Research and development$653 $1,328 $3,424 $2,466 
General and administrative1,810 1,258 5,343 2,525 
Total stock-based compensation expense$2,463 $2,586 $8,767 $4,991 
Schedule of Fair Value of the Derivative Liability
A summary of the changes in the fair value of the derivative liabilities Level 3 rollforward is as follows (in thousands):
Three Months Ended June 30, 2026
Beginning balance at June 4, 2026$47,051 
Change in fair value in net gain(4,113)
Ending balance at June 30, 2026$42,938 
The summary of the changes in the fair value of the warrant liabilities Level 3 rollforward is as follows (in thousands):
Three Months Ended June 30, 2026
Beginning balance at June 4, 2026$19,893 
Change in fair value in net gain(1,602)
Ending balance at June 30, 2026$18,291