v3.26.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions used in Estimating Fair Value of Stock Options The assumptions used to determine the fair value of stock options granted to employees and non-employees for the years ended December 31, 2025 and 2024 were as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Expected life of options (in years)

 

5.83 - 6.25

 

 

6.25 - 10.00

 

Risk-free interest rate

 

3.67% - 4.42%

 

 

4.20% - 4.56 %

 

Expected volatility

 

76.5% - 96.3%

 

 

82.1% - 86.4 %

 

Dividends

 

 

—

%

 

 

—

%

Fair value of common stock

 

$14.61-$35.14

 

 

$ 31.23 - $49.65

 

The fair value of the modified stock options was remeasured as of May 6, 2025 using the Black-Scholes option pricing model, incorporating the following assumptions:

 

 

May 6, 2025

 

Expected life of options (in years)

 

0.25 - 0.56

 

Risk-free interest rate

 

 

4.42

%

Expected volatility

 

 

86.70

%

Dividends

 

 

—

%

Fair value of common stock

 

$

22.03

 

The fair value of the modified stock options was remeasured as of September 10, 2025 using the Black-Scholes option pricing model, incorporating the following assumptions:

 

 

 

September 10, 2025

 

Expected life of options (in years)

 

1.40 - 5.79

 

Risk-free interest rate

 

3.51% - 3.66 %

 

Expected volatility

 

 

50.0

%

Dividends

 

 

—

%

Fair value of common stock

 

$

15.00

 
Schedule of Share-Based Payment Arrangement, Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows:

 

 

Options
Outstanding
(in
thousands)

 

 

Weighted
Average
Exercise
Price Per
Share

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value

 

Balance at December 31, 2024

 

457

 

 

$

43.50

 

 

 

9.01

 

 

 

—

 

Granted

 

2,205

 

 

$

15.66

 

 

 

 

 

 

—

 

Forfeited

 

(68

)

 

$

45.20

 

 

 

 

 

 

—

 

Exercised

 

(6

)

 

$

41.84

 

 

 

 

 

 

—

 

Balance at December 31, 2025

 

2,588

 

 

$

15.77

 

 

 

9.46

 

 

$

17,235

 

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

 

2,588

 

 

$

15.77

 

 

 

9.46

 

 

 

 

Options exercisable as of December 31, 2025

 

159

 

 

$

18.25

 

 

 

7.70

 

 

 

 
Schedule of Stock-Based Compensation

During the years ended December 31, 2025 and 2024. the Company recognized stock-based compensation expense related to stock options as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

759

 

 

$

396

 

General and administrative

 

 

3,352

 

 

 

2,691

 

Total stock-based compensation expense

 

$

4,111

 

 

$

3,087

 
Restricted Stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Share-Based Payment Arrangement, Stock Option Activity

A summary of the Company’s restricted stock activity is as follows:

 

 

 

Shares
(in thousands)

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested Balance at December 31, 2024

 

 

7

 

 

$

11.15

 

Granted

 

 

—

 

 

$

—

 

Vested

 

 

—

 

 

$

—

 

Unvested balance as of December 31, 2025

 

 

7

 

 

$

11.15

 
Schedule of Stock-Based Compensation

During the years ended December 31, 2025 and 2024, the Company recognized stock-based compensation related to shares of restricted stock as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

2

 

 

$

2

 

General and administrative

 

 

78

 

 

 

1

 

Total stock-based compensation expense

 

$

80

 

 

$

3