Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Share Based Compensation Available for Grant under Incentive Plans

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

	New			Inducement
	Plan			Plan			Total
Available for grant net of reserve - January 1, 2026		(3,915,288	)		3,142,050			(773,238	)
Plan adjustments and amendments		14,252,582			—			14,252,582
Grants		(9,305,349	)		(3,046,830	)		(12,352,179	)
Forfeitures		1,222,286			737,888			1,960,174
Available for grant - September 30, 2026		2,254,231			833,108			3,087,339

Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the nine months ended September 30, 2026 was as follows:

				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			per Share
Nonvested at January 1, 2026		6,311,178		$	1.78
Restricted units granted		8,091,035			5.02
Vested		(2,004,332	)		1.88
Cancelled or forfeited		(572,950	)		3.48
Nonvested at September 30, 2026		11,824,931		$	3.92

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

The following table summarizes the total stock-based compensation expense for the stock options, ESPP and RSUs recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025 (in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development expense	$	2,810	$	1,601	$	8,599	$	4,483
General and administrative expense		3,272		1,684		8,840		5,286
Total	$	6,082	$	3,285	$	17,439	$	9,769

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 three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Risk-free interest rate		4.54	%		3.88	%		3.98	%		4.32	%
Expected dividend yield		—			—			—			—
Expected term (in years)		6.0			6.1			6.0			6.0
Expected volatility		87	%		90	%		90	%		89	%

Schedule of Stock Option Activity

The following table summarizes time-based vesting stock option activity during the nine months ended September 30, 2026:

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Stock			Exercise		Contractual		Value
	Options			Price		Life (in years)		(in thousands)
Outstanding at January 1, 2026		24,569,261		$	2.90		8.3	$	81,677
Options granted		3,586,744			5.08
Options exercised		(1,044,190	)		1.95
Options cancelled or forfeited		(1,154,822	)		3.00
Options expired		(70,000	)		26.17
Outstanding at September 30, 2026		25,886,993		$	3.17		7.7	$	61,987
Options exercisable at September 30, 2026		13,764,895		$	3.41		7.0	$	36,965

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	%