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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION 2017 Stock Incentive Plan The Board adopted the 2017 Stock Incentive Plan (the "2017 Plan") in February 2017, and the stockholders approved the 2017 Plan in March 2017. The 2017 Plan was most recently amended in March 2020. As of December 31, 2025, there were an aggregate of 412,099 shares of common stock issuable upon the exercise of outstanding options under the 2017 Plan. Any options or awards outstanding under the 2017 Plan remain outstanding and effective. 2020 Equity Incentive Plan In April 2020, the 2020 Equity Incentive Plan (the "2020 Plan") became effective, and, as a result, no further awards will be made under the 2017 Plan. The 2020 Plan provides for the grant of stock options qualifying as incentive stock options ("ISOs"), to employees and for the grant of nonstatutory stock options ("NSOs"), restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to employees, consultants and directors. The 2020 Plan also provides for the grant of performance cash awards to employees, consultants and directors. Any previously granted awards under the 2017 Plan will remain outstanding in accordance with their respective terms. Under the 2020 Plan, there is an annual increase on January 1 of each year from January 1, 2021 continuing through January 1, 2030, by 4.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Board. On January 1, 2024, the Company increased the number of shares available for future grant under the 2020 Plan by 1,273,643 shares. On January 1, 2025, the Company increased the number of shares available for future grant under the 2020 Plan by 1,622,188 shares. On January 1, 2026, the Company increased the number of shares available for future grant under the 2020 Plan by 781,748 shares. The awards granted under the 2020 Plan typically vest over a four-year period and have a 10-year contractual term. As of December 31, 2025, there were an aggregate of 3,489,607 shares of common stock issuable upon the exercise of outstanding options under the 2020 Plan. Additionally, there were an aggregate of 3,146,054 shares reserved for future issuance under the 2020 Plan, including shares forfeited from the 2017 Plan. Restricted Stock Units A summary of RSU award activity during the year ended December 31, 2025 is as follows:
| NUMBER OF UNITS |  | WEIGHTED AVERAGE GRANT-DATE FAIR VALUE
Outstanding RSU awards as of January 1, 2025 | — |  |  | $ | — |
Granted | 1,167,325 |  |  | 11.71 |
Vested | (30,300) |  |  | 12.04 |
Forfeited | (420,175) |  |  | 10.56 |
Outstanding RSU awards as of December 31, 2025 | 716,850 |  |  | $ | 12.37 |
The summary of RSU award activity includes 90,500 performance-based awards granted during the year ended December 31, 2025. The weighted-average grant date fair value of RSU awards granted during the years ended December 31, 2025 and 2024 was $11.71 and zero, respectively. The aggregate fair value of RSU awards that vested during the years ended December 31, 2025 and 2024 was $0.5 million and zero, respectively. As of December 31, 2025, there has been no expense recognized for the performance-based awards, for which the performance criteria was not deemed probable as of December 31, 2025. As of December 31, 2025, there was approximately $6.9 million of unrecognized stock-based compensation expense related to RSU awards that are expected to vest, including $1.4 million of unrecognized stock-based compensation expense related to performance-based awards for which the performance criteria is currently not deemed probable. These costs are expected to be recognized over a weighted-average remaining vesting period of approximately 1.71 years. Stock Option Valuation The weighted-average assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the years ended December 31, 2025 and 2024 were as follows:
| YEAR ENDED DECEMBER 31,
| 2025 |  | 2024 |  |
Risk-free interest rate | 3.96 | % |  | 4.30 | % |  |
Expected term (in years) | 5.32 |  | 5.91 |  |
Expected volatility | 83.59 | % |  | 81.92 | % |  |
Expected dividend yield | 0.00 | % |  | 0.00 | % |  |
A summary of option activity during the year ended December 31, 2025 is as follows (in thousands except share and per share data):
| NUMBER OF OPTIONS |  | WEIGHTED- AVERAGE EXERCISE PRICE |  | WEIGHTED-AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS) |  | AGGREGATE INTRINSIC VALUE
Outstanding as of January 1, 2025 | 5,384,760 |  |  | $ | 42.19 |  |  | 7.18 |  | $ | 7,395 |
Granted | 84,000 |  |  | 14.82 |  |  |  |  |
Exercised | (73,655) |  |  | 2.05 |  |  |  |  | $ | 695 |
Cancelled or forfeited | (783,495) |  |  | 54.42 |  |  |  |  |
Expired | (709,904) |  |  | 49.82 |  |  |  |  |
Outstanding as of December 31, 2025 | 3,901,706 |  |  | $ | 38.52 |  |  | 5.59 |  | $ | 12,209 |
Options exercisable as of December 31, 2025 | 3,091,868 |  |  | $ | 34.77 |  |  | 5.16 |  | $ | 12,035 |
The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The total intrinsic value of stock options exercised was $0.7 million and $10.1 million during the years ended December 31, 2025 and 2024, respectively. The weighted-average grant date fair value per share of options granted during each of the years ended December 31, 2025 and 2024 was $10.36 and $40.92, respectively. As of December 31, 2025, there was $22.9 million of unrecognized stock-based compensation expense related to unvested service-based stock options and $2.9 million of unrecognized stock-based compensation expense related to performance-based stock options. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 1.49 years. The summary of option activity includes 125,000 performance-based options granted during the year ended December 31, 2024. The options include performance-based and service-based vesting criteria. As of December 31, 2025, the performance criteria was deemed probable for 50% of the performance-based options. Accordingly, the Company recorded $2.0 million stock-based compensation expense during the year end December 31, 2025. Of the $2.9 million of unrecognized stock-based compensation expense, $0.4 million is related to service-based vesting criteria that the Company expects to recognize and $2.5 million is related to performance-based vesting criteria that are not considered probable as of December 31, 2025. 2020 Employee Stock Purchase Plan In March 2020, the Board adopted and the Company's stockholders approved the 2020 Employee Stock Purchase Plan ("ESPP"). The ESPP became effective on April 7, 2020. Under the ESPP, eligible employees can purchase shares of the Company's common stock, based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of the Company's common stock on the first trading day of the twenty-four month offering period, or on the applicable purchase date. Each offering under the ESPP consists of two twelve-month purchase periods. Under the ESPP, there is an annual increase on January 1 of each year from January 1, 2021 continuing through January 1, 2030, by the lesser of (i) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (ii) 455,852 shares or (iii) or a lesser number of shares as may be determined by the Board. On January 1, 2025, the Company increased the number of shares available for future grant under the ESPP by 405,547 shares. On January 1, 2026, the Company increased the number of shares available for future grant under the ESPP by 195,437 shares. If purchase rights granted under the ESPP terminate without having been exercised, the shares of our common stock not purchased under such purchase rights will again become available for issuance under the ESPP. As of December 31, 2025, 11,806 shares of common stock were purchased under the ESPP. As of December 31, 2025, there was an aggregate of 1,641,602 shares reserved for future issuance under the ESPP. Stock-Based Compensation Expense Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees during the years ended December 31, 2025 and 2024 is as follows (in thousands):
| YEAR ENDED DECEMBER 31,
| 2025 |  | 2024 |  |
Research and development | $ | 13,288 |  |  | $ | 18,294 |  |  |
General and administrative | 15,408 |  |  | 16,578 |  |  |
Total stock-based compensation expense | $ | 28,696 |  |  | $ | 34,872 |  |  |

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