v3.26.1
Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
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
Schedule of Common Stock Reserved for Future Issuance
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
Schedule of Stock Option Activity
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 
Schedule of Fair Value of Stock Options was Estimated using Weighted-average Assumptions 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— — 
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
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