Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Summary of Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consists of the following:
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|
|
|
|
|
September 30, 2026 |
|
Common stock warrants including pre-funded warrants |
|
|
3,950,228 |
|
Stock options, performance stock units and restricted stock units outstanding |
|
|
10,391,518 |
|
Shares available for issuance under the 2019 Incentive Plan |
|
|
4,853,530 |
|
Shares available for issuance under the ESPP Plan |
|
|
1,713,613 |
|
Shares available for issuance under the Inducement Plan |
|
|
409,661 |
|
Balance at September 30, 2026 |
|
|
21,318,550 |
|
|
| Summary of PSU Activity |
The following table summarizes PSU activity during the nine months ended September 30, 2026:
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|
|
|
|
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|
|
|
|
Number of
Stock Units |
|
|
Weighted-
Average Grant
Date Fair Value
Per Share |
|
Unvested balance at January 1, 2026 |
|
|
495,124 |
|
|
$ |
7.39 |
|
Granted |
|
|
58,914 |
|
|
|
10.86 |
|
Vested |
|
|
(154,077 |
) |
|
|
6.84 |
|
Forfeited |
|
|
(6,325 |
) |
|
|
5.76 |
|
Unvested balance at September 30, 2026 |
|
|
393,636 |
|
|
$ |
8.14 |
|
|
| Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards |
The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:
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|
Nine Months Ended
September 30, |
|
|
2026 |
|
2025 |
Assumptions: |
|
|
|
|
Expected term (in years) |
|
0.50 |
|
0.49 |
Expected volatility |
|
62.14% |
|
112.83% |
Risk free interest rate |
|
3.79% |
|
4.29% |
Dividend yield |
|
— |
|
— |
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity and related information during the nine months ended September 30, 2026 is as follows:
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|
|
|
|
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|
|
|
|
|
|
|
|
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|
Options
Outstanding |
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|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Balance at January 1, 2026 |
|
|
9,443,623 |
|
|
$ |
8.32 |
|
|
|
6.45 |
|
|
$ |
80,509 |
|
Options granted |
|
|
357,282 |
|
|
|
15.43 |
|
|
|
|
|
|
|
Options exercised |
|
|
(1,894,801 |
) |
|
|
7.28 |
|
|
|
|
|
|
|
Options cancelled |
|
|
(727,996 |
) |
|
|
11.92 |
|
|
|
|
|
|
|
Balance at September 30, 2026 |
|
|
7,178,108 |
|
|
$ |
8.58 |
|
|
|
7.49 |
|
|
$ |
8,158 |
|
Options exercisable as of September 30, 2026 |
|
|
3,840,956 |
|
|
$ |
9.73 |
|
|
|
6.64 |
|
|
$ |
2,951 |
|
Vested and expected to vest as of September 30, 2026 |
|
|
7,178,108 |
|
|
$ |
8.58 |
|
|
|
7.49 |
|
|
$ |
8,158 |
|
|
| Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options |
The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
2026 |
|
2025 |
Assumptions: |
|
|
|
|
Expected term (in years) |
|
6.06 |
|
6.07 |
Expected volatility |
|
91.71% |
|
84.59% |
Risk free interest rate |
|
3.89% |
|
4.07% |
Dividend yield |
|
— |
|
— |
|
| Summary of Stock-Based Compensation Expense |
Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):
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|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development expense |
|
$ |
828 |
|
|
$ |
2,063 |
|
|
$ |
2,753 |
|
|
$ |
5,043 |
|
Selling, general and administrative expense |
|
|
5,093 |
|
|
|
7,234 |
|
|
|
15,414 |
|
|
|
18,066 |
|
Total |
|
$ |
5,921 |
|
|
$ |
9,297 |
|
|
$ |
18,167 |
|
|
$ |
23,109 |
|
|
| Restricted Stock Units (RSUs) |
|
| Summary of Unvested Shares |
The following table summarizes RSU activity during the nine months ended September 30, 2026:
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|
|
|
|
|
|
|
|
Number of
Stock Units |
|
|
Weighted-
Average Grant
Date Fair Value
Per Share |
|
Unvested balance at January 1, 2026 |
|
|
2,154,584 |
|
|
$ |
6.73 |
|
Granted |
|
|
1,801,540 |
|
|
|
13.10 |
|
Vested |
|
|
(999,924 |
) |
|
|
8.88 |
|
Forfeited |
|
|
(136,426 |
) |
|
|
10.65 |
|
Unvested balance at September 30, 2026 |
|
|
2,819,774 |
|
|
$ |
9.85 |
|
|