Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Share Based Compensation Available for Grant under Incentive Plans

The number of shares available for grant under the Company’s incentive plans were as follows:

	New			Inducement
	Plan			Plan			Total
Available for grant - January 1, 2024		3,162,725			4,000,000			7,162,725
Plan adjustments and amendments		9,348,009			2,000,000			11,348,009
Grants		(12,442,262	)		(3,774,300	)		(16,216,562	)
Forfeitures		632,958			774,000			1,406,958
Available for grant - December 31, 2024		701,430			2,999,700			3,701,130
Plan adjustments and amendments		10,247,165			3,000,000			13,247,165
Grants		(15,999,976	)		(4,141,600	)		(20,141,576	)
Forfeitures		1,136,093			1,283,950			2,420,043
Available for grant net of reserve - December 31, 2025		(3,915,288	)		3,142,050			(773,238	)

Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the years ended December 31, 2025 and 2024 was as follows:

				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			per Share
Nonvested at January 1, 2024		375,044		$	6.63
Restricted units granted		4,497,141			1.83
Vested		(323,031	)		7.50
Cancelled or forfeited		—			—
Nonvested at December 31, 2024		4,549,154		$	1.82
Restricted units granted		3,370,992			1.95
Vested		(1,246,218	)		1.94
Cancelled or forfeited		(362,750	)		2.40
Nonvested at December 31, 2025		6,311,178		$	1.78

Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP, RSAs and RSUs

The following table summarizes the total stock-based compensation expense for the stock options, ESPP and RSUs recorded in the consolidated statements of operations for the years ended December 31, 2025 and 2024 (in thousands):

	For the Year Ended December 31,
	2025		2024
Research and development expense	$	6,224	$	5,631
General and administrative expense		7,074		7,472
Total	$	13,298	$	13,103

Stock Options

Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The following weighted-average assumptions were used to estimate the fair value of time-based vesting stock options that were granted during the years ended December 31, 2025 and 2024:

	Year Ended December 31,
	2025			2024
Risk-free interest rate		4.24	%		4.02	%
Expected dividend yield		—			—
Expected term (in years)		6.0			6.1
Expected volatility		89	%		89	%

Schedule of Stock Option Activity

The following table summarizes time-based vesting stock option activity, during the years ended December 31, 2025 and 2024:

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Stock			Exercise		Contractual		Value
	Options			Price		Life (in years)		(in thousands)
Outstanding at January 1, 2024		5,960,922			5.75		8.7		1,960
Options granted		11,719,421			2.02
Options exercised		(58,832	)		0.68
Options cancelled or forfeited		(1,327,123	)		2.50
Options expired		(73,783	)		17.01
Outstanding at December 31, 2024		16,220,605		$	3.29		8.7	$	1,967
Options granted		11,005,584			2.09
Options exercised		(629,478	)		1.80
Options cancelled or forfeited		(1,931,407	)		2.00
Options expired		(96,043	)		2.13
Outstanding at December 31, 2025		24,569,261		$	2.90		8.3	$	81,677
Options exercisable at December 31, 2025		8,707,033		$	4.45		7.3	$	26,913

Performance Stock Options | Initial Options and Original Options

Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The following weighted-average assumptions were used to estimate the fair value of the options granted in February 2023 and the Original Options that were granted in May 2023:

Risk-free interest rate	4.02	%
Expected dividend yield	—
Expected term (in years)	6.0
Expected volatility	81	%

Performance Stock Options | Modified Options

Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The following assumptions were used to estimate the fair value of the Modified Options:

Risk-free interest rate	3.90	%
Expected dividend yield	—
Expected term (in years)	5.8
Expected volatility	88	%