v3.26.3
Equity Incentive Plans and Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Significant Assumptions The significant assumptions used in these calculations are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Expected term (in years)
6.0
6.0
5.3 - 6.1
5.3 - 6.0
Expected volatility
79.0% - 79.9%
102.3% - 102.7%
75.5% - 82.0%
97.5% - 103.0%
Expected dividend rate0.0 %0.0 %0.0 %0.0 %
Risk free interest rate
4.34% - 4.80%
3.77% - 3.88%
3.69% - 4.80%
3.77% - 4.04%
Schedule of Option Award Activity
The following table summarizes option award activity during the nine months ended September 30, 2026:
Number of Stock Option AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025
17,270,870 $3.22 
Granted3,850,500 $2.31 
Exercised(774,221)$1.59 
Forfeited(1,530,980)$2.99 
Outstanding as of September 30, 2026
18,816,169 $3.12 6.9$2,290 
Options vested and expected to vest as of September 30, 2026
18,816,169 $3.12 
Vested and exercisable at September 30, 2026
12,304,163 $3.70 5.8$1,531 
Schedule of Stock-Based Compensation Expense
The following sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statement of operations:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2026202520262025
Research and development$535 $649 $1,517 $2,103 
Selling, general and administrative
757 847 2,295 3,270 
Total stock-based compensation expense$1,292 $1,496 $3,812 $5,373