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Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Summary of Stock Option Activity

The following table summarizes the option activity under the 2020 Plan and 2015 Plan during the three months ended March 31, 2026:

 

 

Number of shares

 

 

Weighted
average
exercise
price

 

 

Weighted
average
remaining
contractual
term
(in years)

 

 

Aggregate
Intrinsic Value (in thousands)

 

Outstanding at December 31, 2025

 

 

10,737,203

 

 

$

8.22

 

 

 

6.6

 

 

$

134

 

Granted

 

 

2,039,892

 

 

 

1.95

 

 

 

 

 

 

 

Exercised

 

 

(3,719

)

 

 

1.74

 

 

 

 

 

 

 

Forfeited

 

 

(1,297,700

)

 

 

14.02

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

11,475,676

 

 

 

6.45

 

 

 

7.2

 

 

 

1,072

 

Exercisable at March 31, 2026

 

 

5,217,009

 

 

 

10.99

 

 

 

5.1

 

 

 

29

 

Vested and expected to vest at March 31, 2026

 

 

11,475,676

 

 

$

6.45

 

 

 

7.2

 

 

$

1,072

 

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity under the 2020 Plan during the three months ended March 31, 2026:

 

 

 

Number of shares

 

 

Weighted average
grant date fair value per share

 

 

Weighted
average
remaining
contractual
term
(in years)

 

Outstanding at December 31, 2025

 

 

648,959

 

 

$

4.34

 

 

 

1.2

 

Granted

 

 

585,547

 

 

 

1.93

 

 

 

 

Vested

 

 

(208,240

)

 

 

5.03

 

 

 

 

Forfeited

 

 

(20,015

)

 

 

3.00

 

 

 

 

Outstanding at March 31, 2026

 

 

1,006,251

 

 

$

2.82

 

 

 

2.0

 

Summary of Share-based Compensation Expense

Share-based compensation expense for the three months ended March 31, 2026 and 2025 was as follows (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

732

 

 

$

1,113

 

General and administrative

 

 

1,166

 

 

 

1,721

 

Total share-based compensation

 

$

1,898

 

 

$

2,834