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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| Stock-based Compensation Expense Recognized |
Stock‑based compensation expense recognized was as follows (in thousands):
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Three 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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$ |
878 |
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$ |
596 |
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$ |
1,143 |
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$ |
1,164 |
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General and administrative |
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2,303 |
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1,001 |
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2,700 |
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2,070 |
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Total stock-based compensation
expense |
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$ |
3,181 |
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$ |
1,597 |
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$ |
3,843 |
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$ |
3,234 |
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| Weighted-Average Assumptions used in Estimating Fair Value of each Stock Options using Black-Scholes Option-Pricing Model |
The fair value of each stock option was estimated using the Black‑Scholes option‑pricing model with the following weighted-average assumptions:
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Six Months Ended June 30, |
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2026 |
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2025 |
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Risk-free interest rate |
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4.00 |
% |
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3.98 |
% |
Expected volatility |
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105.98 |
% |
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100.54 |
% |
Expected term (in years) |
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5.98 |
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5.97 |
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Expected dividend yield |
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— |
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— |
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| Summary of Option Activity Changes in Shares Available for Grant under the 2026 Plan, 2020 Plan and the 2024 Inducement Plan |
Changes in shares available for grant under the 2026 Plan, the 2020 Plan, and the 2024 Inducement Plan during the six months ended June 30, 2026 were as follows:
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Shares
Available
for Grant |
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Shares available for grant at December 31, 2025 |
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98,723 |
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2020 Plan reserve increase on January 1, 2026 |
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323,000 |
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Options and restricted stock units granted |
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(4,748,364 |
) |
Options and restricted stock units forfeited,
cancelled, or expired |
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2,090 |
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Termination of future use of 2020 Plan |
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(355,345 |
) |
Shares reserved for issuance under 2026 Plan |
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5,700,000 |
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Shares available for grant at June 30, 2026 |
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1,020,104 |
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| Summary of Option Activity under the 2026 Plan, 2020 Plan and the 2024 Inducement Plan |
A summary of stock option activity under the 2026 Plan, the 2020 Plan, and the 2024 Inducement Plan for the six months ended June 30, 2026 is as follows:
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Shares |
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Weighted-
Average
Exercise
price
per Share |
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Weighted-
Average
Remaining
Contractual
Term
(in years) |
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Aggregate
Intrinsic
Value
(in
thousands) |
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Balance at December 31, 2025 |
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1,204,829 |
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$ |
37.44 |
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8.14 |
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$ |
2,030 |
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Granted |
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4,583,364 |
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9.43 |
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— |
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— |
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Exercised |
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— |
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— |
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— |
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— |
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Forfeited/expired |
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(2,090 |
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3.13 |
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— |
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— |
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Balance at June 30, 2026 |
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5,786,103 |
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$ |
15.27 |
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9.34 |
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$ |
3,388 |
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Expected to vest |
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4,964,270 |
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$ |
9.39 |
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9.69 |
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$ |
2,731 |
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Options exercisable |
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821,833 |
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$ |
50.80 |
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7.25 |
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$ |
656 |
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| Summary of Stock Options Outstanding and Exercisable under the 2026 Plan, 2020 Plan and the 2024 Inducement Plan |
Stock options outstanding and exercisable under the 2026 Plan, the 2020 Plan, and the 2024 Inducement Plan consisted of the following at June 30, 2026
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Exercise Price ($) |
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Options
Outstanding |
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Options
Exercisable |
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3.13 to 7.14 |
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628,261 |
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131,881 |
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8.35 to 13.5 |
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4,535,226 |
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167,825 |
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20.4 to 40.10 |
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411,024 |
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310,535 |
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89.3 to 294.10 |
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211,592 |
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211,592 |
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Total |
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5,786,103 |
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821,833 |
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| Summary of Restricted Stock Activity under 2026 Plan and 2020 Plan |
A summary of restricted stock unit ("RSU") activity under the 2026 Plan and the 2020 Plan for the six months ended June 30, 2026 is as follows:
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Share
Equivalent |
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Weighted-
Average
Grant Date
Fair Value |
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Non-vested at December 31, 2025 |
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57,601 |
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$ |
3.76 |
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Granted |
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165,000 |
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9.54 |
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Cancelled |
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— |
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— |
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Vested |
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(57,601 |
) |
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3.76 |
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Non-vested at June 30, 2026 |
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165,000 |
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$ |
9.54 |
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