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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 9. Stock-Based Compensation Stock Options Activities for the Company’s stock option plans for the six months ended June 30, 2026 were as follows:
|  | Options Outstanding |
|  | Number of Options |  |  | Weighted- Average Exercise Price Per Share |
Balance at December 31, 2025 |  |  | 16,708,942 |  |  | $ | 5.12 |
Options granted |  |  | 3,436,449 |  |  |  | 5.42 |
Options exercised |  |  | (293,244 | ) |  |  | 1.67 |
Options forfeited/expired |  |  | (377,246 | ) |  |  | 11.97 |
Balance at June 30, 2026 |  |  | 19,474,901 |  |  | $ | 5.09 |
The Company re corded $1.7 million and $0.8 million of stock-based compensation expense related to the stock option plans for the three months ended June 30, 2026 and 2025, respectively. The Company recorded $5.4 million and $2.0 million of stock-based compensation expense related to the stock option plans for the six months ended June 30, 2026 and 2025, re spectively. Time-based RSUs ("TRSU") Activities for the Company’s TRSUs for the six months ended June 30, 2026 were as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Balance at December 31, 2025 |  |  | 2,911,194 |  |  | $ | 1.25 |
RSUs awarded |  |  | 1,260,462 |  |  |  | 5.78 |
RSUs vested |  |  | (1,348,776 | ) |  |  | 1.41 |
RSUs forfeited |  |  | (97,844 | ) |  |  | 3.36 |
Balance at June 30, 2026 |  |  | 2,725,036 |  |  | $ | 3.19 |
The Company recorde d $0.8 million and $0.5 million of stock-based compensation expense related to the TRSUs for the three months ended June 30, 2026 and 2025, respectively. The Company recorded $1.7 million and $0.6 million of stock-based compensation expense related to the TRSUs for the six months ended June 30, 2026 and 2025, respectively. Performance-based RSUs ("PSUs") 2024 PSU In January 2024, the Company granted 810,000 PSUs to executive employees with an aggregate grant date fair value of approximately $1.3 million. Vesting for 50% of the PSUs granted would occur upon attaining specified milestones by December 2025 (“2024-Tranche-1 PSUs”), and the remaining 50% will vest upon attaining specified milestones by December 2026 (“2024-Tranche-2 PSUs”). The 2024-Tranche-1 PSUs were canceled as the related performance condition was not met by December 2025. As of June 30, 2026, the Company determined that it is not probable that the performance conditions will be satisfied for 2024-Tranche-2 PSUs and hence no compensation cost was recorded for these awards through June 30, 2026. 2025 PSU In September 2025 and February 2026, the Company granted a total of 463,350 PSUs to executive employees with an aggregate grant date fair value of approximately $1.5 million. Vesting for one-third of the PSUs granted will occur upon attaining a specified milestone (“2025-Tranche-1 PSUs”), vesting for one-third of the PSUs granted will occur upon attaining a specified milestone (“2025-Tranche-2 PSUs”) on June 30, 2027 or later, and the remaining one-third will vest upon attaining a specified milestone on June 30, 2028 or later (“2025-Tranche-3 PSUs”). As of June 30, 2026, the Company determined that it is not probable that the performance conditions will be satisfied for any of these tranches and hence no compensation cost was recorded for these awards through June 30, 2026. Activities for the Company’s PSUs for the six months ended June 30, 2026, were as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Balance at December 31, 2025 |  |  | 705,850 |  |  | $ | 2.39 |
PSUs awarded |  |  | 50,000 |  |  |  | 6.09 |
PSUs vested |  |  | — |  |  |  | — |
Balance at June 30, 2026 |  |  | 755,850 |  |  | $ | 2.63 |
Stock-based Compensation Total stock-based compensation recorded was as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
|  | (in thousands) |  |  | (in thousands) |
Research and development |  | $ | 1,122 |  |  | $ | 563 |  |  | $ | 2,015 |  |  | $ | 1,126 |
General and administrative |  |  | 1,455 |  |  |  | 868 |  |  |  | 5,268 |  |  |  | 2,313 |
Total stock-based compensation expense |  | $ | 2,577 |  |  | $ | 1,431 |  |  | $ | 7,283 |  |  | $ | 3,439 |
During the six months ended June 30, 2026, in connection with the extension of consulting arrangements for two former executives, the Company extended the vesting period of unvested options and awards and the exercisable period of vested options, as permitted under the Company's equity incentive plans. As a result, the Company recognized the full amount of the incremental stock-based compensation expense of approximately $2.5 million in the six months ended June 30, 2026.

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