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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

A summary of the Company’s stock option activity under the Plans is as follows (in thousands, except share, per share data and years):

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic Value

 

Outstanding at December 31, 2025

 

 

9,547,659

 

 

$

17.97

 

 

 

6.7

 

 

$

29,596

 

Granted

 

 

2,024,970

 

 

$

13.76

 

 

 

 

 

 

 

Exercised

 

 

(505,667

)

 

$

10.28

 

 

 

 

 

 

 

Forfeited or cancelled

 

 

(1,046,813

)

 

$

23.90

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

10,020,149

 

 

$

16.89

 

 

 

6.5

 

 

$

38,573

 

Vested and expected to vest at June 30, 2026

 

 

10,020,149

 

 

$

16.89

 

 

 

6.5

 

 

$

38,573

 

Exercisable at June 30, 2026

 

 

6,855,684

 

 

$

14.60

 

 

 

5.4

 

 

$

33,432

 
Summary of Fair Value of Stock Option Grants

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted under the Plans were as follows:

 

 

 

Six Months Ended June 30,

 

 

2026

 

2025

Risk-free interest rate

 

3.7% – 4.3%

 

3.9% – 4.4%

Expected volatility

 

99% – 103%

 

101% – 104%

Expected term (in years)

 

5.3 – 6.1

 

5.3 – 10.0

Expected dividend yield

 

—

 

—

 
Summary of Stock-Based Compensation Expense

Stock-based compensation expense has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

3,775

 

 

$

5,489

 

 

$

8,315

 

 

$

10,688

 

General and administrative

 

 

5,287

 

 

 

5,471

 

 

 

10,016

 

 

 

10,974

 

Total

 

$

9,062

 

 

$

10,960

 

 

$

18,331

 

 

$

21,662

 
Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

 

 

 

June 30,
2026

 

 

December 31,
2025

 

Common stock options outstanding

 

 

10,020,149

 

 

 

9,547,659

 

RSUs outstanding

 

 

1,144,335

 

 

 

704,869

 

Shares available for issuance under the Plans

 

 

8,094,201

 

 

 

6,630,582

 

Shares available for issuance under the ESPP

 

 

2,523,465

 

 

 

1,969,681

 

Pre-funded common stock warrants outstanding

 

 

1,901,075

 

 

 

1,901,075

 

Total

 

 

23,683,225

 

 

 

20,753,866

 
Two Thousand Twenty One Equity Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of RSU Activity

A summary of the Company’s RSU activity under the 2021 Plan is as follows:

 

 

 

Number of
RSUs

 

 

Weighted-
Average Grant Date Fair Value per Share

 

Outstanding at December 31, 2025

 

 

704,869

 

 

$

48.86

 

Granted

 

 

841,285

 

 

$

13.81

 

Vested and settled

 

 

(137,972

)

 

$

53.39

 

Forfeited or cancelled

 

 

(263,847

)

 

$

29.29

 

Outstanding at June 30, 2026(1)

 

 

1,144,335

 

 

$

27.06

 

 

(1)
This amount includes 49,146 vested and unsettled RSUs granted to the Company’s non-employee directors who have elected deferred settlement of the RSUs to a specified date following the first to occur of (i) the date that is 30 days following the date of the director's separation from service for any reason, or (ii) a change in control event.