| Equity Incentive Awards and Stock-based Compensation |
8.Equity Incentive Awards and Stock-based Compensation Stock options Stock option activity during the nine months ended September 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
subject
to options |
|
|
Weighted-
average
exercise
price |
|
|
Weighted-
average
remaining
contractual
term (years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding as of December 31, 2025 |
|
|
1,728,737 |
|
|
$ |
18.62 |
|
|
|
8.82 |
|
|
$ |
859 |
|
Granted |
|
|
512,825 |
|
|
|
7.04 |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited or Expired |
|
|
(86,698 |
) |
|
|
9.82 |
|
|
|
— |
|
|
|
— |
|
Outstanding as of September 30, 2026 |
|
|
2,154,864 |
|
|
|
16.22 |
|
|
|
8.41 |
|
|
$ |
5 |
|
Options vested and expected to vest as of September 30, 2026 |
|
|
2,154,864 |
|
|
|
16.22 |
|
|
|
8.32 |
|
|
$ |
5 |
|
Options vested and exercisable as of September 30, 2026 |
|
|
833,031 |
|
|
|
25.41 |
|
|
|
7.66 |
|
|
$ |
- |
|
Restricted stock units Restricted stock unit activity during the nine months ended September 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Awards |
|
|
Weighted-
Average
Grant Date
Fair Value |
|
|
Aggregate
Fair Value
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Issued and unvested as of December 31, 2025 |
|
|
76,786 |
|
|
$ |
10.20 |
|
|
$ |
784 |
|
Granted |
|
|
13,595 |
|
|
|
6.98 |
|
|
|
95 |
|
Vested and released |
|
|
(21,605 |
) |
|
|
10.22 |
|
|
|
(221 |
) |
Issued and unvested as of September 30, 2026 |
|
|
68,776 |
|
|
$ |
9.56 |
|
|
$ |
658 |
|
Stock-based compensation expense was allocated as follows for the three and nine months ended September 30, 2026 and 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
Research and development |
|
$ |
638 |
|
|
$ |
774 |
|
|
$ |
1,992 |
|
|
$ |
1,935 |
|
|
General and administrative |
|
|
644 |
|
|
|
693 |
|
|
|
1,968 |
|
|
|
1,651 |
|
|
Total |
|
$ |
1,282 |
|
|
$ |
1,467 |
|
|
$ |
3,960 |
|
|
$ |
3,586 |
|
|
|