v3.26.1
Equity Incentive Plans (Tables)
3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026:

 

 

Common

 

 

Weighted

 

 

Weighted

 

 

 

Shares

 

 

Average

 

 

Average

 

 

 

Underlying

 

 

Exercise

 

 

Remaining

 

 

 

Stock

 

 

Price per

 

 

Contractual

 

 

 

Options

 

 

Share

 

 

Life (in years)

 

Outstanding at December 31, 2025

 

 

2,917,143

 

 

$

20.69

 

 

 

8.5

 

Granted

 

 

452,205

 

 

$

80.50

 

 

 

 

Exercised

 

 

(92,726

)

 

$

10.31

 

 

 

 

Forfeited / Cancelled

 

 

(3,108

)

 

$

82.50

 

 

 

 

Outstanding at March 31, 2026

 

 

3,273,514

 

 

$

29.19

 

 

 

8.6

 

 

 

 

 

 

 

 

 

 

 

Exercisable at March 31, 2026

 

 

954,970

 

 

$

16.25

 

 

 

7.5

 

The aggregate intrinsic value of options outstanding and options exercisable as of March 31, 2026 was $314.3 million and $105.3 million, respectively.

Schedule of Stock-based Compensation Expense Recognized

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 is as follows (in thousands):

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

1,457

 

 

$

390

 

General and administrative

 

 

1,919

 

 

 

704

 

Total stock-based compensation expense

 

$

3,376

 

 

$

1,094

 

Schedule of Weighted Average Fair Value of Stock Options Granted

The weighted average fair value of stock options granted during the three months ended March 31, 2026 was $55.44 per share which was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

Expected volatility

 

75.37% – 76.17%

 

Risk-free interest rate

 

3.70% – 4.06%

 

Expected term (years)

 

6.02 – 6.08

 

Expected dividend yield