v3.26.3
Stock Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive loss, was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Research and development$916 $1,005 $2,479 $4,090 
General and administrative1,745 1,585 4,688 4,287 
Total stock-based compensation expense$2,661 $2,590 $7,167 $8,377 
Schedule of Weighted Average Assumptions Used
The estimated grant date fair values of stock option awards granted under the 2016 Plan and the 2018 Inducement Incentive Award Plan were calculated using the Black-Scholes option pricing model based on the following weighted-average assumptions:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Risk-free interest rate4.45%3.95%4.08%4.42%
Dividend yield0.00 %0.00 %0.00 %0.00 %
Expected term (in years)6.006.255.986.20
Expected volatility88.40%93.79%91.09%97.19%
Weighted-average fair value of common stock$9.42$12.48$7.22$16.87
Schedule of Options Activity
The following table summarizes the stock option activity under the 2016 Plan, the 2018 Inducement Incentive Award Plan, and the Old Cartesian Plan for options for common stock:
Number of Common Stock Options
Weighted-average Exercise Price ($)
Weighted-average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 20252,463,747 $13.72 6.41$2,962 
Granted2,093,850 $7.22 
Exercised(343,318)$2.30 
Forfeited(666,671)$15.18 
Outstanding at September 30, 20263,547,608 $10.72 8.46$2,109 
Vested at September 30, 2026810,404 $12.91 6.59$1,165 
Vested and expected to vest at September 30, 20263,182,104 $10.85 8.38$1,987 
Schedule of Restricted Stock Units Activity
The following table summarizes the Company’s restricted stock units under the 2016 Plan and the Old Cartesian Plan:
Number of Shares
Weighted-average
Grant Date
Fair Value ($)
Unvested at December 31, 2025
522,498 $18.44 
Granted420,650 6.76 
Vested(171,256)18.66 
Forfeited(134,667)12.85 
Unvested at September 30, 2026
637,225 $11.85