v3.26.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Share-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expense(1)

 

$

2,089

 

 

$

664

 

 

$

3,941

 

 

$

1,991

 

Selling, general and administrative expense(2)

 

 

6,033

 

 

 

5,025

 

 

 

23,999

 

 

 

14,367

 

Total

 

$

8,122

 

 

$

5,689

 

 

$

27,940

 

 

$

16,358

 

_____________

(1) Stock-based compensation expense for the three and nine months ended September 30, 2026 included $1.7 million related to the accelerated vesting of previously unvested equity awards upon the termination of a former executive officer.

(2) Stock-based compensation expense for the three and nine months ended September 30, 2026 included $1.5 million and $6.8 million, respectively, related to the accelerated vesting of previously unvested equity awards upon the termination of former executive officers.

Summary of Activity Related to Stock Option

A summary of the Company’s stock option activity for the nine months ended September 30, 2026 is as follows:

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Shares

 

 

Weighted-

 

 

Average

 

 

Aggregate

 

 

 

Subject to

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Options

 

 

Exercise

 

 

Contractual

 

 

Value

 

 

 

Outstanding

 

 

Price

 

 

Life (Years)

 

 

(in thousands)

 

Outstanding at December 31, 2025

 

 

16,744,639

 

 

$

7.66

 

 

 

 

 

 

 

Granted

 

 

6,291,834

 

 

$

9.79

 

 

 

 

 

 

 

Exercised

 

 

(858,577

)

 

$

3.19

 

 

 

 

 

 

 

Forfeited

 

 

(2,360,682

)

 

$

10.70

 

 

 

 

 

 

 

Outstanding at September 30, 2026

 

 

19,817,214

 

 

$

8.17

 

 

 

5.6

 

 

$

10,644

 

Exercisable at September 30, 2026

 

 

13,282,346

 

 

$

7.54

 

 

 

4.1

 

 

$

10,644

 

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following assumptions:

 

 

Nine Months Ended September 30,

 

 

2026

 

2025

Expected term (in years)

 

5.5 – 6.1

 

5.5 – 6.1

Expected volatility

 

81.5% – 85.2%

 

84.1% – 87.3%

Risk-free interest rate

 

3.7% – 4.6%

 

3.9% – 4.4%

Expected dividend yield

 

0%

 

0%