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Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Common Stock Reserved for Future Issuance

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

 
Summary of Stock Option Activity

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

 
Schedule of Restricted Stock Units Activity

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

 

 
Schedule of Allocation of Stock-Based Compensation for All Options and Restricted Stock Units and Stock Issued Pursuant to Our Employee Stock Purchase Plan

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

 
Employee Stock Option [Member]  
Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants and Performance Options with Market Condition

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%