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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. Stock-Based C ompensation Equity Incentive Award Plans The number of shares of common stock available for issuance under the Company's 2021 Equity Incentive Plan automatically increases on January 1 of each calendar y ear through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. As of March 31, 2026, the total number of shares available for future issuance was 4,884,618. The following table summarizes stock option activity for the three months ended March 31, 2026:
|  | Options |  |  | Weighted-Average Exercise Price |
Outstanding at December 31, 2025 |  |  | 13,757,773 |  |  | $ | 6.47 |
Granted |  |  | 3,746,250 |  |  | $ | 9.13 |
Exercised |  |  | (55,836 | ) |  | $ | 4.10 |
Forfeited |  |  | (132,917 | ) |  | $ | 2.60 |
Balance at March 31, 2026 |  |  | 17,315,270 |  |  | $ | 7.08 |
Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 1,831 |  |  | $ | 1,647 |
General and administrative |  |  | 2,093 |  |  |  | 1,892 |
Total |  | $ | 3,924 |  |  | $ | 3,539 |
2021 Employee Stock Purchase Plan The number of shares of common stock available for issuance under the Company's ESPP automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; or a lesser number of shares determined by the Company’s board of directors. As of March 31, 2026, the Company had issued 697,652 shares of the Company's common stock under the ESPP and had 2,754,856 shares available for future issuance.

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