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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 | 12. Stock-based Compensation Stock-based Compensation Expense Total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 835 |  |  | $ | 1,620 |
General and administrative |  |  | 468 |  |  |  | 1,560 |
Total stock-based compensation |  | $ | 1,303 |  |  | $ | 3,180 |
Stock Options A summary of stock option activity for the three months ended March 31, 2026 is set forth below:
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding, December 31, 2025 |  |  | 763,464 |  |  | $ | 40.23 |  |  |  | 8.0 |  |  | $ | — |
Options granted |  |  | 867,811 |  |  | $ | 6.85 |  |  |  |  |  |  |
Options exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Options forfeited or cancelled |  |  | (48,218 | ) |  | $ | 62.15 |  |  |  |  |  |  |
Outstanding, March 31, 2026 |  |  | 1,583,057 |  |  | $ | 21.27 |  |  |  | 9.0 |  |  | $ | — |
Options exercisable, March 31, 2026 |  |  | 399,651 |  |  | $ | 50.71 |  |  |  | 7.2 |  |  | $ | — |
Vested and expected to vest, March 31, 2026 |  |  | 1,583,057 |  |  | $ | 21.27 |  |  |  | 9.0 |  |  | $ | — |
The assumptions used in the Black-Scholes option-pricing model to calculate stock-based compensation are as follows:
|  | Three Months Ended March 31,
|  | 2026 |  | 2025
Fair value of common stock |  | $6.81 - $7.99 |  | $12.16 - $14.4
Expected term (years) |  | 6.02 - 6.08 |  | 6.0 - 6.1
Volatility |  | 91.38% - 92.00% |  | 88.28% - 88.60%
Risk free rates |  | 3.62% - 4.06% |  | 4.03% - 4.43%
Dividend rate |  | 0.0% |  | 0.0%
Restricted Stock Units (RSUs) The summary of RSU activity and related information for the three months ended March 31, 2026 is set forth below:
|  | Number of Units Outstanding |  |  | Weighted Average Grant Date Fair Value |
Outstanding, December 31, 2025 |  |  | 46,842 |  |  | $ | 37.81 |
RSUs granted |  |  | 50,138 |  |  | $ | 7.04 |
RSUs vested |  |  | (19,555 | ) |  | $ | 59.57 |
RSUs forfeited |  |  | (2,922 | ) |  | $ | 23.54 |
Outstanding, March 31, 2026 |  |  | 74,503 |  |  | $ | 11.96 |
Option repricing On August 8, 2023, the board of directors approved a stock option repricing (the Option Repricing) effective on August 14, 2023 (the Effective Date) in accordance with the terms of the Company’s 2015 Stock Incentive Plan (the 2015 Plan) and Second Amended and Restated 2018 Stock Option and Incentive Plan (the 2018 Plan, and together with the 2015 Plan, the Plans). Pursuant to the Option Repricing, the exercise price of each stock option previously granted under the Plans, totaling 401,994 options, was amended to reduce the exercise price of such options to $34.24 per share, the closing price of the Company’s common stock on the Nasdaq Global Market on the Effective Date, as updated to reflect the reverse stock split. The repriced options otherwise retained their existing terms and conditions as set forth in the Plans and applicable award agreements. The stock option modification resulted in $4.6 million of incremental compensation cost, which was calculated using the Black-Scholes option-pricing model. Of the incremental compensation cost, less than $0.1 million and $0.1 million was recognized in the three months ended March 31, 2026 and 2025, respectively. The remaining incremental compensation cost of $0.1 million, net of the reversal of expense related to employee terminations prior to August 14, 2024, will be recognized on the straight-line basis over the remaining vesting period of the repriced options. The incremental cost is included in general and administrative expense and research and development expense on the consolidated statements of operations. Effective August 21, 2024, the board of directors approved a rescission of the Option Repricing for certain non-employee directors of the Company. All of the affected stock options have been reverted to their original exercise price as established at the time of the grant. The Company will continue to recognize the incremental fair value from the Option Repricing for the impacted options. The compensation expense associated with the Option Repricing for these options was not material.

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