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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			—						—

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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.

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-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award.

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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.

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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.

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