v3.26.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Stock-Based Compensation  
Schedule of fair values of stock options granted

December 31,

2025

2024

Risk-free interest rate

4.11

%

3.80

%

Expected term (in years)

6.05

6.07

Expected volatility

94.88

%

94.31

%

Expected dividend yield

0.00

%

0.00

%

Schedule of stock option activity and related information

  ​ ​ ​

Number of Shares

  ​ ​ ​

Weighted - Average Exercise Price

  ​ ​ ​

Weighted-Average Remaining Contractual Term (in years)

  ​ ​ ​

Aggregate Intrinsic Value
(in thousands)

Outstanding - December 31, 2024

8,706,197

$

13.21

$

2,104

Granted

3,031,450

$

13.14

Exercised

(510,113)

$

8.03

$

4,884

Forfeited or cancelled

(551,919)

$

12.80

Outstanding - December 31, 2025

10,675,615

$

13.46

8.60

$

243,979

Options vested and exercisable as of December 31, 2025

3,210,911

$

12.31

7.94

$

77,051

Options vested and expected to vest as of December 31, 2025

10,675,615

$

13.46

8.60

$

243,979

Schedule of RSA activity and related information

  ​ ​ ​

Number of Shares

  ​ ​ ​

Weighted - Average Grant Date Fair Value

Unvested as of December 31, 2024

$

Granted

612,875

$

14.18

Vested

$

Forfeited

(13,200)

$

11.94

Unvested as of December 31, 2025

599,675

$

14.23

Schedule of stock-based compensation expense as reflected in consolidated statements of operations

The Company recognized stock-based compensation expense related to the issuance of equity awards to employees, directors and consultants in the consolidated statement of operations as follows (in thousands):

Years Ended December 31,

2025

2024

Research and development

$

8,838

$

4,066

General and administrative

17,509

6,755

Total stock-based compensation expense

$

26,347

$

10,821