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Equity Incentive Plans and Stock-based Compensation (Tables) | 3 Months Ended
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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, |  |
| 2026 |  | 2025 |  |  |  |
Expected term (in years) | 6.0 |  | 6.0 |  |  |  |
Expected volatility | 81.8% - 82.0% |  | 101.9% - 102.1% |  |  |  |
Expected dividend rate | 0.0 | % |  | 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 Awards |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025 | 17,270,870 |  |  | $ | 3.22 |  |  |  |  |
Granted | 1,875,200 |  |  | $ | 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) | 2026 |  | 2025 |  |  |  |
Research and development | $ | 522 |  |  | $ | 768 |  |  |  |  |
Selling, general and administrative | 840 |  |  | 1,400 |  |  |  |  |
Total stock-based compensation expense | $ | 1,362 |  |  | $ | 2,168 |  |  |  |  |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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