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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Stockholders' Equity | 5. Stockholders’ Equity At the Market Offering Programs In April 2022, we entered into an Open Market Sale Agreement SM with Jefferies implementing the Jefferies ATM Offering Program. In December 2024, we amended the Jefferies ATM Offering Program. Under the Jefferies ATM Offering Program we may offer and sell, from time to time and at our option, up to an aggregate of $215.0 million of shares of our common stock (inclusive of $65.0 million of sales made prior to the amendment) through Jefferies, acting as sales agent. Jefferies is entitled to a fixed commission rate of up to 3.0% of the gross sales proceeds of shares sold under the Jefferies ATM Offering Program. We did not utilize the Jefferies ATM Offering Program during the three months ended March 31, 2026. During the year ended December 31, 2025, we sold an aggregate of 13,887,177 shares of common stock at a weighted-average price of $4.94 per share for net proceeds of approximately $66.4 million under the Jefferies ATM Offering Program. Common Stock Reserved for Future Issuance Common stock reserved for future issuance was as follows:
|  | March 31, 2026 |
Common stock options and restricted stock units |  |  | 13,835,392 |
Shares available under the 2015 equity incentive plan |  |  | 2,305,370 |
Shares available under the 2022 inducement plan |  |  | 167,567 |
Shares available under the employee stock purchase plan |  |  | 574,212 |
|  |  | 16,882,541 |
The following table summarizes our stock option activity under all equity incentive plans for the three months ended March 31, 2026:
|  | Number of Outstanding Stock Options |  |  | Weighted- Average Exercise Price |
Outstanding as of December 31, 2025 |  |  | 9,591,504 |  |  | $ | 3.82 |
Granted |  |  | 3,974,091 |  |  | $ | 0.71 |
Canceled/forfeited/expired |  |  | (139,607 | ) |  | $ | 12.52 |
Outstanding as of March 31, 2026 |  |  | 13,425,988 |  |  | $ | 2.81 |
The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:
|  | Three Months Ended March 31,
|  | 2026 |  | 2025
Expected term (in years) |  | 5.77 – 6.08 |  | 6.02 – 6.08
Risk-free interest rate |  | 3.7% – 3.9% |  | 4.1% – 4.5%
Expected volatility |  | 105.5% – 106.7% |  | 75.9% – 77.2%
Expected dividend yield |  | 0.0% |  | 0.0%
The following table summarizes our restricted stock unit activity under all equity incentive plans for the three months ended March 31, 2026:
|  | Number of Outstanding Restricted Stock Units |  |  | Weighted-Average Grant Date Fair Value |
Balance as of December 31, 2025 |  |  | 20,108 |  |  | $ | 5.52 |
Granted |  |  | 446,940 |  |  | $ | 0.71 |
Released |  |  | (20,108 | ) |  | $ | 5.52 |
Cancelled |  |  | (37,536 | ) |  | $ | 0.71 |
Balance as of March 31, 2026 |  |  | 409,404 |  |  | $ | 0.71 |
Stock-based Compensation The allocation of stock-based compensation for all options and restricted stock units and stock issued pursuant to our employee stock purchase plan is as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 283 |  |  | $ | 304 |
General and administrative |  |  | 1,024 |  |  |  | 874 |
Total stock-based compensation expense |  | $ | 1,307 |  |  | $ | 1,178 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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