Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense by Classification

Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	2,174	$	2,295	$	4,375	$	4,683
General and administrative	2,358		2,709		4,452		6,345
Total stock-based compensation expense	$	4,532	$	5,004	$	8,827	$	11,028

Schedule of Stock Option Activity

A summary of the Company’s PBO activity was as follows:

	Number of PBOs	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
PBOs outstanding as of December 31, 2025(1)	98,868	$	11.07	9.11	$	1,949
Granted	—	$	—
Exercised	—	$	—
Canceled or forfeited	—	$	—
PBOs outstanding as of June 30, 2026	98,868	$	11.07	8.61	$	295
PBOs exercisable as of June 30, 2026	—	$	—	—	$	—

(1)     PBOs outstanding reflect the target number of shares eligible to be earned at the time of grant.

A summary of the Company’s stock option activity was as follows:

	Number of Stock Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding as of December 31, 2025	2,696,444	$	40.32	6.14	$	17,090
Granted	699,750	$	23.00
Exercised	(2,348)	$	11.07
Canceled or forfeited	(99,216)	$	43.16
Options outstanding as of June 30, 2026	3,294,630	$	36.58	6.67	$	2,715
Options exercisable as of June 30, 2026	1,821,492	$	48.54	4.74	$	2,124

Schedule of PSU Activity

A summary of the Company’s PSU activity was as follows:

	Performance-Based Restricted Stock Units Outstanding	Weighted-Average Value at Grant Date Per Share
Unvested PSUs as of December 31, 2025(1)	65,518	$	37.51
PSUs granted	—	$	—
PSUs vested	(29,120)	$	36.00
PSUs forfeited or canceled	—	$	—
Unvested PSUs as of June 30, 2026	36,398	$	38.72

(1)     PSU grants reflect the target number of shares eligible to be earned at the time of grant.

Schedule of RSU Activity

A summary of the Company’s RSU activity was as follows:

	Restricted Stock Units Outstanding	Weighted-Average Value at Grant Date Per Share
Unvested RSUs as of December 31, 2025	306,415	$	19.77
RSUs granted	286,116	$	23.73
RSUs vested	(59,364)	$	23.22
RSUs forfeited or canceled	(16,366)	$	19.74
Unvested RSUs as of June 30, 2026	516,801	$	21.57

Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted

The fair value of stock options and performance-based stock options granted to employees, directors and consultants valued using the Black-Scholes option pricing model was estimated on the date of grant using the following weighted-average assumptions:

	Six Months Ended June 30,
	2026		2025
Risk-free interest rate	3.86	%	4.31	%
Expected volatility	91.8	%	84.7	%
Expected term (in years)	5.99		6.03
Expected dividend yield	0	%	0	%