v3.26.1
Stock Based Compensation Plan (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

A summary of stock option activity is set forth below (shares in thousands):

 

 

 

Options Outstanding

 

 

 

 

 

 

Weighted

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Number of

 

 

Exercise

 

 

Contractual Life

 

 

Value

 

 

 

Options

 

 

Price

 

 

(In years)

 

 

(In thousands)

 

Outstanding – December 31, 2025

 

 

1,269

 

 

$

14.30

 

 

 

8.43

 

 

 

 

Granted

 

 

738

 

 

 

24.52

 

 

 

 

 

 

 

Exercised

 

 

(8

)

 

 

11.54

 

 

 

 

 

 

 

Forfeited

 

 

(43

)

 

 

16.11

 

 

 

 

 

 

 

Outstanding – March 31, 2026

 

 

1,956

 

 

 

18.13

 

 

 

8.77

 

 

$

22,958

 

Exercisable – March 31, 2026

 

 

532

 

 

 

18.83

 

 

 

7.18

 

 

 

6,910

 

Schedule of Share-based Payment Award, Grant Date Using the Black-Scholes option-pricing model

The fair value of options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

2026

 

 

2025

 

Expected term (in years)

 

 

 

 

 

 

6.02

 

 

 

6.02

 

Expected volatility

 

 

 

 

 

 

95.4

%

 

 

97.0

%

Risk-free rate

 

 

 

 

 

 

3.7

%

 

 

4.5

%

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

Summary of RSU Activity

The following table summarizes the Company’s activity of restricted stock units, or RSUs (shares in thousands):

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

RSUs, unvested at December 31, 2025

 

 

115

 

 

$

10.27

 

Granted

 

 

734

 

 

 

24.53

 

Vested

 

 

(18

)

 

 

9.16

 

Cancelled

 

 

(20

)

 

 

21.46

 

RSUs, unvested at March 31, 2026

 

 

811

 

 

 

22.92

 

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense recorded in the unaudited condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

2026

 

 

2025

 

Research and development

 

 

 

 

 

$

762

 

 

$

266

 

General and administrative

 

 

 

 

 

 

1,343

 

 

 

568

 

Total stock-based compensation expense

 

 

 

 

 

$

2,105

 

 

$

834