v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Recognized in Statements of Operations
The Company recognized total stock-based compensation expense for non-employees and employees in its statements of comprehensive loss as follows (in thousands):
Three Months Ended March 31,
20262025
Research and development$2,225
$
1,141 
General and administrative
3,633 
2,310 
Total $5,858$3,451
Schedule of Weighted Average Assumptions When utilizing the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted to employees or non-employees, we used the following weighted average assumptions:
Three Months Ended March 31,
2026
2025
Risk-free interest rate
3.7%-3.9%
4.0%-4.4%
Expected life (in years)
6.1
6.1
Volatility
94.1%-94.5%
90.6%-90.8%
Expected dividend rate
—%—%
Fair value of common stock
$12.60-$13.77
$12.30-$12.70
Schedule of Stock Option Activity
A summary of options award activity for non-employees and employees of the Company is as follows:
SharesWeighted-
Average
Exercise
Price		Weighted Average –
Remaining
Contractual
Life (years)
Aggregate Intrinsic
Value (1)
(in thousands)
Outstanding as of December 31, 20259,850,977$9.03
Granted2,389,55516.79
Exercised(366,416)4.34
Canceled——
Outstanding as of March 31, 202611,874,11610.748.56$108,757
Exercisable as of March 31, 20263,349,637$7.367.76$42,004
Exercisable and expected to vest as of March 31, 202611,874,116
$
10.74 
8.56
(1)The aggregate intrinsic values is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock on March 31, 2026 for the options that were in the money.