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

The following table summarizes stock option activity for the Company’s equity incentive plans for the year ended December 31, 2025:

 

 

Common

 

 

Weighted

 

 

Weighted

 

 

 

Shares

 

 

Average

 

 

Average

 

 

 

Underlying

 

 

Exercise

 

 

Remaining

 

 

 

Stock

 

 

Price per

 

 

Contractual

 

 

 

Options

 

 

Share

 

 

Life (in years)

 

Outstanding at January 1, 2024

 

 

489,283

 

 

$

8.79

 

 

 

7.3

 

Granted

 

 

1,184,069

 

 

$

12.70

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Forfeited / Cancelled

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

1,673,352

 

 

$

11.55

 

 

 

8.6

 

Granted

 

 

1,362,389

 

 

$

28.31

 

 

 

 

Exercised

 

 

(88,828

)

 

$

8.59

 

 

 

 

Forfeited / Cancelled

 

 

(47,800

)

 

$

13.60

 

 

 

 

Outstanding at December 31, 2025

 

 

2,899,113

 

 

$

19.49

 

 

 

8.6

 

Exercisable at December 31, 2025

 

 

844,567

 

 

$

11.31

 

 

 

7.4

 

Schedule of Stock-based Compensation Expense Recognized

Total stock-based compensation expense recognized in the consolidated statements of operations for the years ended December 31, 2025 and 2024 is as follows (in thousands):

 

Year Ended
December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

2,226

 

 

$

569

 

General and administrative

 

 

4,175

 

 

 

261

 

Total stock-based compensation expense

 

$

6,401

 

 

$

830

 

Schedule of Weighted Average Fair Value of Stock Options Granted

The weighted average fair value of stock options granted during the year ended December 31, 2025 was $28.31 per share which was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

Expected volatility

 

72.00% – 76.00%

 

Risk-free interest rate

 

3.72% – 4.47%

 

Expected term (years)

 

5.50 – 6.08

 

Expected dividend yield