v3.26.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Activity

The following table summarizes the activity for all stock options outstanding:

 

   Shares   Weighted- average exercise price per share   Weighted-average remaining contractual term   Aggregate intrinsic value 
           (in years)   (in thousands) 
Options outstanding as of December 31, 2024   4,306,977   $11.13    8.0   $13,914 
Granted   2,186,593    35.17           
Exercised   (393,301)   8.89           
Forfeited   (257,784)   14.29           
Options outstanding as of December 31, 2025   5,842,485   $19.62    7.9   $468,191 
                     
Options exercisable as of December 31, 2025   2,740,854   $11.61    6.6   $241,560 
Schedule of Assumptions for Fair Value of Employee And Non-Employee Stock Option

The assumptions used in the Black-Scholes option pricing model and Monte Carlo simulation model to determine the fair value of the employee and non-employee stock option grants issued, were as follows:

 

   Year Ended December 31, 
   2025   2024 
Risk-free interest rate   3.6% − 4.7%   3.5% − 4.7%
Expected volatility   74.4% − 82.1%   71.2% − 76.2%
Expected life (years)   5.010.0    5.3 10.0 
Expected dividend yield   0%   0%
Schedule of Restricted Stock Award And Restricted Stock Unit Activity

The following table summarizes restricted stock award and restricted stock unit activity during the year ended December 31, 2025:

 

   Shares   Weighted-average grant date fair value per share 
Outstanding as of December 31, 2024   1,079   $14.83 
Granted   34,039    89.43 
Vested   (1,079)   14.83 
Forfeited   (6,600)   98.49 
Outstanding as of December 31, 2025   27,439   $87.25 
Schedule of Stock-based Compensation Expenses

The Company recognized the following stock-based compensation expense in its statements of operations (in thousands):

 

   2025   2024 
   Year Ended 
   December 31, 
   2025   2024 
Research and development  $8,409   $4,405 
General and administrative   12,974    2,583 
Total  $21,383   $6,988