v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Restricted Common Stock A summary of the Company’s restricted common stock activity during the year ended December 31, 2025, is presented below:
Number of Restricted SharesWeighted-Average Per-Share  Grant-Date Fair Value
Unvested at December 31, 202475,958$0.78
Vested
(75,958)$0.78
Unvested at December 31, 2025—$—
Schedule of Stock Option Valuation
The weighted-average assumptions used to determine the fair values of stock options granted to employees and directors during the years ended December 31, 2025 and 2024, are presented as follows:
Year Ended December 31,
20252024
Expected term (in years)6.26.0
Volatility82.4%83.9%
Interest rate4.2%4.2%
Dividend yield——
Schedule of Stock Option Activity
The following table summarizes the Company’s common stock option activity for the year ended December 31, 2025:
Number of Shares
Weighted-Average Exercise Price
Weighted-Average Remaining Contractual Term
Aggregate Intrinsic Value
(in years)(in thousands)
Outstanding at December 31, 20243,700,335$5.87 8.3$16,522
Granted2,725,16019.03 
Exercised(599,191)6.07 
Cancelled or forfeited(58,505)10.97 
Outstanding at December 31, 20255,767,799$12.01 8.3$168,007
Exercisable at December 31, 20252,189,013$7.58 7.3$73,457
Schedule of Stock-Based Compensation
During the years ended December 31, 2025 and 2024, the Company recorded stock-based compensation in the accompanying consolidated statements of operations and comprehensive loss as follows (in thousands):
Year Ended December 31,
20252024
Research and development expense$4,116 $1,500 
General and administrative expense7,950 2,208 
Total$12,066 $3,708