v3.26.1
Equity Incentive Plans and Stock-Based Compensation Expense (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Components of Stock-based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s statement of operations and comprehensive (loss) income during the years ended December 31, 2025 and 2024:

 

 

Year ended December 31,

 

 

2025

 

 

2024

 

 

(in thousands)

 

Research and development

 

$

9,329

 

 

$

5,467

 

General and administrative

 

 

7,071

 

 

 

4,179

 

Total stock-based compensation expense

 

$

16,400

 

 

$

9,646

 

2025 Employee Stock Purchase Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Fair Value of Employee Stock Purchases / Service Based Options Granted to Employees and Non-Employees Estimated Using the Weighted-Average Assumptions

The fair value of employee stock purchases during the year ended December 31, 2025 was estimated using the following weighted-average assumptions:

 

 

Year ended December 31,

 

 

2025

 

Risk-free interest rate

 

3.48%-4.32%

 

Expected volatility

 

81%-90%

 

Expected term (years)

 

0.37-2.00 years

 

Expected dividend yield

 

 

 

2019 Plan and 2025 Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes stock option activity under the 2019 Plan and 2025 Plan for the year ended December 31, 2025:

 

 

Options outstanding

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

Weighted-

 

 

average

 

 

Aggregate

 

 

Total

 

 

average

 

 

remaining

 

 

intrinsic

 

 

options

 

 

exercise

 

 

contractual

 

 

value

 

 

outstanding

 

 

price

 

 

life (years)

 

 

(in thousands)

 

Outstanding as of December 31, 2024

 

 

5,278,735

 

 

$

10.44

 

 

 

8.27

 

 

$

494

 

Granted

 

 

1,055,055

 

 

$

17.01

 

 

 

 

 

 

 

Exercised(1)

 

 

(541,214

)

 

$

10.30

 

 

 

 

 

 

 

Cancelled

 

 

(308,350

)

 

$

12.16

 

 

 

 

 

 

 

Outstanding as of December 31, 2025

 

 

5,484,226

 

 

$

11.62

 

 

 

7.69

 

 

$

163,501

 

Vested and expected to vest as of December 31, 2025

 

 

5,484,226

 

 

$

11.62

 

 

 

7.69

 

 

$

163,501

 

Vested and exercisable as of December 31, 2025

 

 

2,721,361

 

 

$

10.57

 

 

 

6.47

 

 

$

83,971

 

 

(1)
During the year ended December 31, 2025 and 2024, none of the exercised options were exercised early and subject to repurchase at the time of exercise.
Restricted Stock Awards | Outside of 2018 Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Unvested Restricted Stock Awards

The following table summarizes the changes in the Company’s unvested restricted common stock awards granted to founders and advisors outside of the 2018 Plan during the years ended December 31, 2025 and 2024:

 

 

 

 

 

Weighted-

 

 

 

 

 

average

 

 

Restricted

 

 

grant date

 

 

stock awards

 

 

fair value

 

Unvested balance as of January 1, 2024

 

 

36,302

 

 

$

0.01

 

Vested

 

 

(25,930

)

 

$

0.01

 

Unvested restricted stock awards as of December 31, 2024

 

 

10,372

 

 

$

0.01

 

Vested

 

 

 

 

$

 

Unvested restricted stock awards as of December 31, 2025

 

 

10,372

 

 

$

0.01

 

Stock Options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Fair Value of Employee Stock Purchases / Service Based Options Granted to Employees and Non-Employees Estimated Using the Weighted-Average Assumptions

The fair value of service-based stock options granted to employees and non-employees during the years ended December 31, 2025 and 2024 was estimated using the following weighted-average assumptions:

 

 

Year ended December 31,

 

 

2025

 

 

2024

 

Risk-free interest rate

 

3.71%-4.40%

 

 

3.64%-4.65%

 

Expected volatility

 

83%-100%

 

 

85%-100%

 

Expected term (years)

 

5.17-6.25 years

 

 

6.0-6.25 years

 

Expected dividend yield