Equity Incentive Plans (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 Activity Related to Stock Option Awards |
A summary of the activity related to stock option awards during the twelve months ended December 31, 2025 and six months ended June 30, 2026 is as follows:
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Shares
Subject to
Options |
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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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Outstanding at January 1, 2025 |
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6,086,289 |
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$ |
25.20 |
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|
7.63 |
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$ |
534 |
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Granted |
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1,758,243 |
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$ |
14.87 |
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Exercises |
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(645,562 |
) |
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$ |
19.95 |
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Forfeitures and cancellations |
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(301,202 |
) |
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$ |
18.47 |
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Outstanding at December 31, 2025 |
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6,897,768 |
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$ |
17.11 |
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|
6.93 |
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$ |
180,434 |
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Granted |
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668,400 |
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$ |
32.17 |
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Exercises |
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(1,202,950 |
) |
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$ |
21.52 |
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Forfeitures and cancellations |
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(290,849 |
) |
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$ |
21.83 |
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Outstanding at June 30, 2026 |
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6,072,369 |
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$ |
18.62 |
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7.04 |
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$ |
297,386 |
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Exercisable at June 30, 2026 |
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3,579,958 |
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$ |
18.90 |
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6.13 |
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$ |
174,546 |
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| Schedule of Time-based Restricted Stock Units Activity |
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Number of
Restricted
Stock Units |
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Weighted-Average
Grant Date
Fair Value |
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Weighted-Average
Remaining
Contractual
Term (in years) |
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Aggregate
Intrinsic
Value (in
thousands) |
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Outstanding at January 1, 2025 |
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1,227,677 |
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$ |
21.79 |
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1.46 |
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$ |
16,254 |
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Granted |
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614,828 |
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$ |
14.87 |
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Released |
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(355,627 |
) |
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$ |
21.87 |
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Forfeitures and cancellations |
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(113,673 |
) |
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$ |
18.45 |
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Outstanding at December 31, 2025 |
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1,373,205 |
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$ |
13.88 |
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1.17 |
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$ |
66,573 |
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Granted |
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697,487 |
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$ |
27.65 |
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Released |
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(444,837 |
) |
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$ |
17.43 |
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Forfeitures and cancellations |
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(120,546 |
) |
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$ |
23.33 |
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Outstanding at June 30, 2026 |
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1,505,309 |
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$ |
7.13 |
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1.47 |
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$ |
101,608 |
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RSU expected to vest at June 30, 2026 |
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1,505,309 |
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$ |
7.13 |
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1.47 |
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$ |
101,608 |
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| Schedule of Performance Shares, Outstanding Activity |
The following table presents a summary of activity with respect to our PSUs:
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Market-Based PSUs |
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Performance-Based PSUs |
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Total PSUs |
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Number of PSUs |
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Weighted-Average
Grant Date
Fair Value |
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Number of PSUs |
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Weighted-Average
Grant Date
Fair Value |
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Number of PSUs |
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Weighted-Average
Grant Date
Fair Value |
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Outstanding at January 1, 2025 |
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504,500 |
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$ |
24.69 |
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— |
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$ |
— |
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504,500 |
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$ |
24.69 |
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Granted |
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— |
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$ |
— |
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— |
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$ |
— |
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— |
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$ |
— |
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Released |
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— |
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$ |
— |
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— |
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$ |
— |
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— |
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$ |
— |
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Forfeitures |
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(26,500 |
) |
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$ |
24.69 |
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— |
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$ |
— |
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(26,500 |
) |
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$ |
24.69 |
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Outstanding at December 31, 2025 |
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478,000 |
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$ |
24.69 |
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— |
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$ |
— |
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478,000 |
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$ |
24.69 |
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Granted |
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— |
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$ |
— |
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34,300 |
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$ |
43.91 |
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34,300 |
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$ |
43.91 |
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Released |
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— |
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$ |
— |
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(34,300 |
) |
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$ |
43.91 |
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(34,300 |
) |
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$ |
43.91 |
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Converted to RSUs |
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(152,842 |
) |
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$ |
24.69 |
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— |
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$ |
— |
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(152,842 |
) |
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$ |
24.69 |
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Forfeitures |
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(325,158 |
) |
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$ |
24.69 |
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— |
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$ |
— |
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(325,158 |
) |
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$ |
24.69 |
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Outstanding at June 30, 2026 |
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— |
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$ |
— |
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— |
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$ |
— |
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— |
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$ |
— |
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| Schedule of Grant Date Fair Value Assumptions |
The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:
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Six months ended
June 30, |
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2026 |
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Volatility of common stock |
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59.0 |
% |
Risk-free interest rate |
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4.1 |
% |
Contract term (in years) |
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3.9 |
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| Schedule of Weighted Average Assumptions used to Estimate Fair Value |
The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
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Six Months Ended
June 30, |
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Year Ended
December 31, |
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Year Ended
December 31, |
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2026 |
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2025 |
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2024 |
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Risk-free interest rate |
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3.9 |
% |
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4.5 |
% |
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4.0 |
% |
Expected volatility |
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84.0 |
% |
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81.8 |
% |
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78.4 |
% |
Expected dividend yield |
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—% |
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—% |
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—% |
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Expected term (in years) |
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6.35 |
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6.35 |
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6.28 |
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Weighted average grant date fair value per share |
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$ |
32.67 |
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$ |
10.98 |
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$ |
15.54 |
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| Schedule of Non-cash Stock-based Compensation Expense |
Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows:
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Six Months Ended
June 30, |
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Year Ended
December 31, |
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Year Ended
December 31, |
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(in thousands) |
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2026 |
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2025 |
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2024 |
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Research and development |
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$ |
5,283 |
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$ |
(462 |
) |
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$ |
1,038 |
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General and administrative |
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3,037 |
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4,234 |
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6,183 |
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Total |
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$ |
8,320 |
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$ |
3,772 |
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$ |
7,221 |
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