Stock-based compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based compensation expense for the three months ended March 31, 2026 and 2025 was classified in the Company’s condensed consolidated statement of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Stock-based compensation expense:
General and administrative	$	1,509	$	2,919
Research and development	1,162		2,588
Total stock-based compensation expense	$	2,671	$	5,507

Stock options

During the three months ended March 31, 2026, the Company granted stock options for the purchase of 76,780 shares of common stock with a weighted average exercise price of $1.88 per share and a weighted average grant-date fair value of $1.50 per share. As of March 31, 2026, the unrecognized compensation cost related to outstanding stock options was $10.2 million, which is expected to be recognized over a weighted-average period of 2.0 years.

On March 7, 2024, the Company approved an option repricing program applicable to outstanding option awards granted to current employees of the Company under the Company’s 2020 Stock Option and Incentive Plan, or the 2020 Plan, with an exercise price per share greater than or equal to $22.00. On October 7, 2024, the 2020 Plan was amended to prohibit the plan's administrator from reducing the exercise price of outstanding stock options or stock appreciation rights or effecting repricing through cancellation and re-grant or cancellation in exchange for cash or other awards without prior stockholder approval.

Performance-accelerated restricted stock units

During the three months ended March 31, 2026, the Company’s Board of Directors authorized the issuance of 1,588,140 performance-accelerated restricted stock units, or PARSUs, to certain employees, including members of the Company’s leadership team under the 2020 Plan. PARSUs are valued on the grant date using the grant date market price of the underlying shares. The PARSUs will vest in tranches at the earlier of the achievement of certain discovery and clinical milestones, or February 13, 2029. Upon vesting, each PARSU automatically converts into one share of the Company's common stock. No PARSUs vested during the three months ended March 31, 2026. As of March 31, 2026, 1,588,140 PARSUs remained outstanding, and the unrecognized compensation cost related to outstanding PARSUs was $2.9 million, which is expected to be recognized over a weighted-average period of 2.9 years.

Time-based restricted stock units

During the three months ended March 31, 2026, the Company issued 2,829,710 restricted stock units, or RSUs, that were subject to time-based vesting conditions to its employees. RSUs are valued on the grant date using the grant date market price of the underlying shares. A total of 712,681 RSUs vested during the three months ended March 31, 2026 on their respective vesting schedules. Upon vesting, each RSU automatically converts into one share of the Company’s common stock. During the three months ended March 31, 2026, the Company indirectly repurchased 105,756 shares of its common stock through net-share settlement as consideration for employee tax withholding obligations arising upon vesting of the RSUs, which tax amounts were remitted to the applicable revenue authorities by the Company in cash on behalf of the RSU holders. As of March 31, 2026, there were a total of 4,467,051 RSUs outstanding and the unrecognized compensation cost related to outstanding RSUs was $11.8 million, which is expected to be recognized over a weighted-average period of 2.7 years.