v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of the Company's stock option activity

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

 

 

Options Outstanding

 

 

 

Number
of Options

 

 

Weighted Average
 Exercise
Price

 

 

Weighted Average Remaining Contractual Term
 (in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Options outstanding - December 31, 2025

 

 

2,714,651

 

 

$

15.54

 

 

 

8.52

 

 

$

22

 

Granted

 

 

29,300

 

 

 

3.67

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Expired

 

 

(27,058

)

 

 

11.02

 

 

 

 

 

 

 

Forfeited

 

 

(23,450

)

 

 

15.58

 

 

 

 

 

 

 

Options outstanding - March 31, 2026

 

 

2,693,443

 

 

$

15.45

 

 

 

8.31

 

 

$

109

 

Options exercisable - March 31, 2026

 

 

1,196,458

 

 

$

18.46

 

 

 

7.88

 

 

$

—

 
Summary of RSUs activities

RSUs vest based on a service requirement and a liquidity event, which was satisfied upon completion of the Merger, plus service requirement. The following table summarizes RSU activities during the three months ended March 31, 2026:

 

 

 

 

 

 

Number
of Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested balance as of December 31, 2025

 

 

41,376

 

 

$

22.89

 

Granted

 

 

—

 

 

 

—

 

Vested and released

 

 

(8,277

)

 

 

22.89

 

Forfeited

 

 

(457

)

 

 

22.89

 

RSUs outstanding - March 31, 2026

 

 

32,642

 

 

$

22.89

 

Unvested balance as of March 31, 2026

 

 

32,642

 

 

$

22.89

 
Summary of Non-cash stock-based compensation expense recorded

The following table shows the allocation of share-based compensation expense related to the Company’s employee and non-employee share-based awards (in thousands):

 

Three Months
Ended March 31,

 

 

2026

 

 

2025

 

Research and development

$

1,284

 

 

$

1,317

 

General and administrative

 

1,496

 

 

 

1,428

 

Total

$

2,780

 

 

$

2,745