Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Combined Stock Option Activity under 2018 Plan and 2021 Plan |
The following table summarizes stock option activity under the 2018 Plan, 2021 Plan, and Inducement Award Plan for the six months ended June 30, 2026:
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Options |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term
(years) |
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Aggregate Intrinsic
Value
(in thousands) |
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Outstanding at December 31, 2025 |
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6,467,582 |
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$ |
7.93 |
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6.96 |
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$ |
1,503 |
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Granted |
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3,967,456 |
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6.83 |
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Exercised |
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(23,453 |
) |
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5.83 |
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Cancelled/Forfeited |
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(314,402 |
) |
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8.84 |
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Outstanding at June 30, 2026 |
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10,097,183 |
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$ |
7.47 |
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6.82 |
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$ |
6,511 |
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Exercisable at June 30, 2026 |
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4,466,179 |
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$ |
7.97 |
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4.54 |
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$ |
4,512 |
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| Schedule of Fair Value of Stock Options, Valuation Assumptions |
The fair value of the stock options granted for the three and six months ended June 30, 2026 and 2025 was measured with the following weighted-average assumptions:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Risk-free interest rate |
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4.40 |
% |
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4.09 |
% |
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4.12 |
% |
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4.31 |
% |
Expected term (years) |
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6.05 |
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6.00 |
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6.06 |
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6.04 |
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Expected volatility of the underlying stock |
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91.04 |
% |
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90.80 |
% |
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95.74 |
% |
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90.87 |
% |
Expected dividend rate |
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— |
% |
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— |
% |
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— |
% |
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— |
% |
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| Schedule of Nonvested Restricted Stock Units Activity |
A summary of the restricted stock units activity during the six months ended June 30, 2026 is as follows:
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Restricted Stock Units |
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Weighted-
Average
Grant Date Fair Value |
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Unvested at December 31, 2025 |
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2,690,777 |
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$ |
7.74 |
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Granted |
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2,371,770 |
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6.62 |
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Vested/Released |
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(642,829 |
) |
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7.74 |
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Forfeited |
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(168,286 |
) |
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8.13 |
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Unvested at June 30, 2026 |
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4,251,432 |
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$ |
7.10 |
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| Summary of Stock-Based Compensation Expense |
The Company recorded stock-based compensation expense as follows (in thousands):
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development |
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$ |
2,083 |
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$ |
2,069 |
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$ |
4,273 |
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$ |
3,984 |
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General and administrative |
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10,285 |
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1,764 |
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11,919 |
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3,363 |
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Total |
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$ |
12,368 |
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$ |
3,833 |
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$ |
16,192 |
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$ |
7,347 |
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| Restricted Stock Units |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Fair Value of Stock Options, Valuation Assumptions |
The fair value of the performance-based restricted stock units with a market-based vesting condition granted under the Plan for the three and six months ended June 30, 2026 and 2025 was measured with the following weighted-average assumptions using a lattice model with a Monte Carlo simulation:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Risk-free interest rate |
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4.39 |
% |
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— |
% |
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4.39 |
% |
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— |
% |
Expected term (years) |
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3.90 |
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— |
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3.90 |
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— |
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Expected volatility of the underlying stock |
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91.30 |
% |
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— |
% |
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91.30 |
% |
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— |
% |
Expected dividend rate |
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— |
% |
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— |
% |
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— |
% |
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— |
% |
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