v3.26.3
Common Stock and Stock-Based Awards (Tables)
9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2025:

 

 

 

Number
of Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

 

 

Outstanding as of December 31, 2025

 

 

1,124,208

 

 

$

68.07

 

 

 

7.17

 

 

$

228

 

Granted

 

 

777,579

 

 

$

8.69

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(191,467

)

 

$

80.95

 

 

 

 

 

 

 

Outstanding as of September 30, 2026

 

 

1,710,320

 

 

$

39.63

 

 

 

7.84

 

 

$

—

 

Vested or expected to vest as of September 30, 2026

 

 

1,710,320

 

 

$

39.63

 

 

 

7.84

 

 

$

—

 

Options exercisable as of September 30, 2026

 

 

659,524

 

 

$

83.60

 

 

 

6.06

 

 

$

—

 

Summary of Restricted and Performance Stock Unit Activity

The following table summarizes the Company’s RSU and PSU activity since December 31, 2025:

 

 

 

Number
of Shares

 

 

Weighted
Average Grant
Date Fair
Value

 

Unvested restricted stock units as of December 31, 2025

 

 

24,150

 

 

$

57.31

 

Granted

 

 

173,385

 

 

$

8.74

 

Vested

 

 

(157,551

)

 

$

13.32

 

Forfeited

 

 

(29,278

)

 

$

10.76

 

Unvested restricted stock units as of September 30, 2026

 

 

10,706

 

 

$

45.35

 

Summary of Stock Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive (loss) income (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expenses

 

$

833

 

 

$

1,076

 

 

$

2,327

 

 

$

3,417

 

General and administrative expenses

 

 

1,026

 

 

 

1,406

 

 

 

3,037

 

 

 

4,224

 

 

 

$

1,859

 

 

$

2,482

 

 

$

5,364

 

 

$

7,641