v3.26.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense The amount of stock-based compensation expense recognized for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands): 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Research and development$1,791 $1,189 $4,714 $3,606 
General and administrative3,429 1,964 9,386 5,507 
Total stock-based compensation$5,220 $3,153 $14,100 $9,113 
Schedule of Option Activity A summary of option activity for the nine months ended September 30, 2026 is as follows:
Options Outstanding
Number of sharesWeighted average exercise price per shareWeighted average grant date fair value per shareWeighted average remaining contractual term
(in years)
Aggregate Intrinsic Value(1)
(in millions)
Balance at December 31, 20254,591,257 $13.20 $10.46 8.5$39.9 
Granted1,876,546 $17.06 $14.48 
Exercised (1,067,702)$9.32 $7.92 $9.6 
Cancelled(29,280)$9.27 $7.76 $0.2 
Expired(346)$2,190.95 $1,394.10 
Balance at September 30, 2026
5,370,475 $15.20 $12.30 8.7$20.7 
Exercisable at September 30, 2026
1,165,693 $22.76 $16.55 8.1$7.6 

(1) The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.
Schedule of Fair Value Assumptions for Options
The following table presents the assumptions used to compute stock-based compensation expense for stock options with service-based vesting conditions granted under the Black-Scholes valuation model for the nine months ended September 30, 2026.

Service-based options
Expected term of option (in years)
5.0 - 6.1
Expected stock price volatility
108.4% - 112.8%
Risk-free interest rate
3.69% - 5.09%
Expected annual dividend yield0%
Schedule of Restricted Stock Shares Activity A summary of RSU activity for the nine months ended September 30, 2026 is as follows:
RSUs Outstanding
Number of sharesWeighted average grant date fair value
Unvested RSUs at December 31, 2025
387,064 $9.88 
Vested (196,528)$9.88 
Forfeited(6,667)$9.88 
Unvested RSUs at September 30, 2026
183,869 $9.88