Stock-Based Compensation and Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	1,242	$	669	$	3,353	$	2,224
General and administrative	2,057		1,109		5,094		3,165
Total stock-based compensation	$	3,299	$	1,778	$	8,447	$	5,389

Schedule of option activity

The following table summarizes option activity under the 2020 Plan for the nine months ended September 30, 2026:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (Years)
Balance at December 31, 2025	8,648,715	$	5.25	7.06
Granted	5,684,400	5.01
Exercised	(203,754)	2.78
Forfeited	(201,426)	7.00
Balance at September 30, 2026	13,927,935	$	5.16	7.61
Vested and expected to vest	7,606,515	$	4.28	8.98
Exercisable at the end of the period	5,619,306	$	6.44	5.56

Schedule of RSU activity

The following table summarizes employee RSU activity for the nine months ended September 30, 2026:


	Awards	Weighted Average Grant Date Fair Value
Balance at December 31, 2025	481,177	$	8.15
Granted	316,000	4.75
Released	(210,488)	7.59
Forfeited	(2,861)	5.93
Balance at September 30, 2026	583,828	$	6.52

Schedule of valuation assumptions

The grant-date fair value of options calculated using the Black-Scholes option pricing model granted under the Company’s 2020 Plan were estimated using the following weighted-average assumptions:


	Nine Months Ended September 30,
	2026		2025
Expected term - years	6.03		5.96
Expected volatility	109.5	%	102.3	%
Risk-free interest rate	3.9	%	4.3	%
Expected dividends	—		—

The grant-date fair value of shares issued calculated using the Black-Scholes option pricing model under the Company’s 2020 ESPP were estimated using the following weighted-average assumptions:


	Nine Months Ended September 30,
	2026		2025
Expected term - years	0.50		0.50
Expected volatility	108.0	%	107.8	%
Risk-free interest rate	4.1	%	4.7	%
Expected dividends	—		—