XML 42 R21.htm IDEA: XBRL DOCUMENT
v3.26.1

Stock-Based Compensation and Employee Benefit Plans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | The Company recorded stock-based compensation expense in the following expense categories of its accompanying unaudited interim condensed statements of operations and comprehensive loss (in thousands):
| Three Months Ended March 31, |
| 2026 |  | 2025 |
Research and development | $ | 1,036 |  |  | $ | 687 |  |
General and administrative | 1,379 |  |  | 1,034 |  |
Total stock-based compensation | $ | 2,415 |  |  | $ | 1,721 |  |
Schedule of option activity | The following table summarizes option activity under the 2020 Plan for the three months ended March 31, 2026:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life (Years)
Balance at December 31, 2025 | 8,648,715 |  |  | $ | 5.25 |  |  | 7.06
Granted | 4,642,400 |  |  | 4.75 |  |
Exercised | (38,000) |  |  | 0.86 |  |
Forfeited | (188,616) |  |  | 7.15 |  |
Balance at March 31, 2026 | 13,064,499 |  |  | $ | 5.05 |  |  | 7.89
Vested and expected to vest | 7,106,588 |  |  | $ | 3.95 |  |  | 9.29
Exercisable at the end of the period | 5,096,229 |  |  | $ | 6.76 |  |  | 5.67
Schedule of RSU activity | The following table summarizes employee RSU activity for the three months ended March 31, 2026:
| Awards |  | Weighted Average Grant Date Fair Value
Balance at December 31, 2025 | 481,177 |  |  | $ | 8.15 |
Granted | 316,000 |  |  | 4.75 |
Released | (206,513) |  |  | 7.69 |
Forfeited | (861) |  |  | 8.67
Balance at March 31, 2026 | 589,803 |  |  | $ | 6.49 |
Schedule of valuation assumptions | The grant-date fair value of options calculated using the Black-Scholes option pricing model granted under the Company’s 2020 Plan were estimated using the following weighted-average assumptions:
| Three Months Ended March 31,
| 2026 |  | 2025
2020 Plan |  |  |
Expected term - years | 6.08 |  | 6.00
Expected volatility | 110.4 | % |  | 101.4 | %
Risk-free interest rate | 3.8 | % |  | 4.4 | %
Expected dividends | — |  |  | — |
The grant-date fair value of shares issued calculated using the Black-Scholes option pricing model under the Company’s 2020 ESPP were estimated using the following weighted-average assumptions:
| Three Months Ended March 31,
| 2026 |  | 2025
2020 ESPP |  |  |
Expected term - years | 0.50 |  | 0.50
Expected volatility | 109.7 | % |  | 107.8 | %
Risk-free interest rate | 3.92 | % |  | 4.70 | %
Expected dividends | — |  |  | — |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award. + 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)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration