v3.26.1
Equity Incentive Plans and Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Significant Assumptions The significant assumptions used in these calculations are summarized as follows:
Three Months Ended March 31,
20262025
Expected term (in years)
6.0
6.0
Expected volatility
81.8% - 82.0%
101.9% - 102.1%
Expected dividend rate0.0 %0.0 %
Risk free interest rate
3.69% - 3.72%
3.97% - 4.03%
Schedule of Option Award Activity
The following table summarizes option award activity during the three months ended March 31, 2026:
Number of Stock Option AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025
17,270,870 $3.22 
Granted1,875,200 $2.36 
Exercised(600,870)$1.84 
Forfeited(156,829)$1.51 
Outstanding as of March 31, 2026
18,388,371 $3.19 7.1$27,044 
Options vested and expected to vest as of March 31, 2026
18,388,371 $3.19 
Vested and exercisable at March 31, 2026
11,704,461 $3.93 6.1$13,760 
Schedule of Stock-Based Compensation Expense
The following sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statement of operations:
Three Months Ended March 31,
(in thousands)20262025
Research and development$522 $768 
Selling, general and administrative
840 1,400 
Total stock-based compensation expense$1,362 $2,168