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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense Recognized | Total stock-based compensation expense recognized in our condensed consolidated statements of operations was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
| (in thousands)
Research and development | $ | 83 |  |  | $ | 973 |  |  | $ | 586 |  |  | $ | 2,028 |
General and administrative | 336 |  |  | 820 |  |  | 762 |  |  | 1,771 |
Total stock-based compensation | $ | 419 |  |  | $ | 1,793 |  |  | $ | 1,348 |  |  | $ | 3,799 |
Schedule of Weighted -average Valuation Assumptions | The fair value of stock options granted during the three and six months ended June 30, 2025 were calculated on the date of grant using the following weighted-average assumptions:
|  |  | Three Months Ended June 30, 2025 |  |  |  | Six Months Ended June 30, 2025
Risk-free interest rate |  |  | 4.0 | % |  |  |  | 4.4 | %
Expected term (in years) |  |  | 5.8 |  |  |  | 5.9
Expected annual dividend yield |  |  | — | % |  |  |  | — | %
Expected volatility |  |  | 95.2 | % |  |  |  | 95.3 | %
Schedule of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2026:
| Options Outstanding
| Number of Options |  | Weighted-Average Exercise Price per Share |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2025 | 9,954,872 |  |  | $ | 4.71 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Cancelled | (1,748,441) |  |  | $ | 2.23 |  |  |  |  |
Outstanding at June 30, 2026 | 8,206,431 |  |  | $ | 5.24 |  |  | 6.35 |  | $ | — |
Exercisable at June 30, 2026 | 6,948,699 |  |  | $ | 5.77 |  |  | 6.02 |  | $ | — |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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