v3.26.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock
The Company has two classes of common stock: Class A common stock and Class B common stock. Class A common stock has one vote per share and Class B common stock has no votes per share.
The following table summarizes the changes in Class A common stock and Class B common stock for the three months ended March 31, 2026 (in shares):
Common Stock
Class AClass B
Balance at December 31, 202531,236,7876,083,338
Exercise of stock options66,252—
Conversion of Class B common stock into Class A common stock1,420,838(1,420,838)
Balance at March 31, 202632,723,8774,662,500
The following table summarizes the changes in Class A common stock and Class B common stock for the three months ended March 31, 2025 (in shares):
Common Stock
Class AClass B
Balance at December 31, 202419,125,3776,729,172
Exercise of stock options17,000—
Balance at March 31, 202519,142,3776,729,172
Class A common stock reserved for future issuance consisted of the following:
March 31,
2026		December 31,
2025
Common stock options granted and outstanding7,485,0275,548,320
Shares available for issuance under the 2024 Equity Incentive Plan2,320,6101,707,563
Common stock warrant15,76415,764
Common stock reserved under the 2024 Employee Stock Purchase Plan716,306436,306
Shares available for issuance under the 2026 Inducement Plan625,000—
Total common stock reserved for future issuance11,162,7077,707,953
There are no shares of Class B common stock reserved for future issuance as of March 31, 2026 and December 31, 2025.
Follow-On Public Offering
In December 2025, the Company completed a follow-on public offering in which 8,097,570 shares of its Class A common stock were sold at a public offering price of $12.25 per share resulting in aggregate net proceeds of $93.0 million
Sales Agreement

In May 2025, the Company entered into the ATM Sales Agreement relating to the offer and sale of up to $75.0 million in shares of its Class A common stock in the ATM Program. During the year ended December 31, 2025, the Company sold 3,241,110 shares of its Class A common stock pursuant to the ATM Sales Agreement generating net proceeds of $19.0 million. In March 2026, the Company entered into the ATM Amendment with Leerink Partners to increase the aggregate offering price of the shares of its Class A common stock that the Company may sell pursuant to the ATM Sales Agreement. In connection with the ATM Amendment, the Company filed the ATM Prospectus Supplement, pursuant to which the Company may offer and sell up to $100.0 million in shares of its Class A common stock under the Amended ATM Sales Agreement, exclusive of amounts previously sold under the ATM Sales Agreement. The Company
did not sell any shares of its Class A common stock under the Amended ATM Sales Agreement during the three months ended March 31, 2026.

Equity Incentive Plans

As of March 31, 2026, there were 2,320,610 shares of the Company’s Class A common stock available for issuance under the 2024 Equity Incentive Plan (the “2024 Plan”).
In January 2026, the Company’s board of directors adopted and approved the 2026 Employment Inducement Equity Incentive Plan (the “2026 Inducement Plan”). The terms of the 2026 Inducement Plan are substantially similar to the terms of the Company’s 2024 Equity Incentive Plan with the exception that incentive stock options may not be issued under the Inducement Plan and awards under the Inducement Plan may only be issued to eligible recipients under the applicable Nasdaq rules. The 2026 Inducement Plan was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Under the 2026 Inducement Plan, the Company may grant non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock or cash-based awards to an employee in connection with his or her commencement of employment with the Company. The number of shares initially reserved for issuance under the 2026 Inducement Plan was 750,000. Options granted were pursuant to Nasdaq Listing Rule 5635(c)(4) and are subject to service-based vesting conditions. As of March 31, 2026, there were 625,000 shares of the Company’s Class A common stock available for issuance under the 2026 Inducement Plan.

Stock Options

Stock option activity is as follows:
Options OutstandingWeighted- Average Exercise
Price		Weighted- Average Remaining
Contractual Term		Aggregate Intrinsic Value (in
thousands)
Balance at December 31, 20255,548,320$9.46 7.28$18,235 
Options granted2,032,85714.24 —— 
Options exercised(66,252)3.03 —— 
Options cancelled and forfeited(29,898)13.42 —— 
Options expired—— —— 
Balance at March 31, 20267,485,027$10.80 7.79$24,046 
Options vested and expected to vest as of March 31, 20267,485,027$10.80 7.79$24,046 
Options exercisable as of March 31, 20263,505,900$8.57 6.24$18,254 
The aggregate intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 was $0.7 million and $0.2 million, respectively, determined as of the date of exercise.
The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options expected to vest was estimated using the following weighted-average assumptions:
Three Months Ended March 31,
20262025
Assumptions:
Expected term (in years)6.026.07
Expected volatility112%93%
Risk free interest rate3.90%4.41%
Dividend yield— — 
The weighted-average grant-date fair value per share of stock options granted and expected to vest as of their grant date during the three months ended March 31, 2026 and 2025 was $12.10 and $7.64 per share, respectively.
Stock-based compensation
Stock-based compensation has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):
Three Months Ended March 31,
20262025
Research and development$1,706 $1,083 
General and administrative2,117 1,486 
Total$3,823 $2,569 
As of March 31, 2026, there was approximately $40.9 million of total unrecognized stock-based compensation related to stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 2.9 years.
Employee Stock Purchase Plan
As of March 31, 2026, there were 716,306 shares of the Company’s Class A common stock reserved and available for issuance under the 2024 Employee Stock Purchase Plan (“2024 ESPP”). During the three months ended March 31, 2026 and 2025, there were no shares purchased under the 2024 ESPP and the recorded expense was not material.