In October 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 Stock Option and Incentive Plan (the “2024 Plan”), which became effective immediately prior to the effective date of the Company's initial public offering (“IPO”) and superseded the Company’s 2021 Stock Option and Grant Plan, as amended (the “2021 Plan”) (together, the “Stock Plans”).

On January 1, 2026, the number of shares of common stock available under the 2024 Plan increased by 2.2 million shares pursuant to an evergreen provision of the 2024 Plan. As of March 31, 2026, there were 4.6 million shares available for issuance under the 2024 Plan.

In February 2026, the Company’s board of directors adopted the 2026 Inducement Plan (the “Inducement Plan”). The Inducement Plan initially reserved 0.5 million shares of common stock to be issued exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company, as an inducement material to such individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Marketplace Rules of the Nasdaq Stock Market. The Inducement Plan was adopted by the Board without stockholder approval pursuant to Rule 5635(c)(4).

As of March 31, 2026, there were 0.3 million shares available for issuance under the Inducement Plan.

In October 2024, the Company’s board of directors adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective immediately prior to the effective date of the Company's IPO.

On January 1, 2026, the number of shares of common stock available under the 2024 ESPP increased by 0.4 million shares pursuant to an evergreen provision of the 2024 ESPP. As of March 31, 2026, there were 0.6 million shares available for issuance under the 2024 ESPP. There were no issuances of common stock under the 2024 ESPP during the three months ended March 31, 2026. As of March 31, 2026, total unrecognized stock-based compensation expense related to ESPP was $1.4 million, which is expected to be recognized over a weighted average period of 1.0 years.

The following summarizes restricted stock award activity:


	Number of Shares Outstanding			Weighted-Average Grant Date Fair Value Per Share
Balance at December 31, 2025, subject to repurchase		131,224		$	1.81
Restricted stock awards vested		(55,977	)		1.87
Balance at March 31, 2026, subject to repurchase		75,247			1.75

The aggregate grant date fair value of shares vested during the three months ended March 31, 2026 was $0.1 million.

The following summarizes stock option activity under the Stock Plans and the Inducement Plan:


	Stock Options Outstanding
	Total Stock Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2025		4,378,484		$	7.97		8.79	$	87,194
Granted		2,074,850			25.44
Exercised		(110,300	)		3.04
Cancelled		(47,564	)		18.31
Outstanding as of March 31, 2026		6,295,470			13.73		8.92		67,796
Exercisable as of March 31, 2026		1,431,786		$	6.69		7.96	$	24,935

The aggregate fair value of stock options that vested during the three months ended March 31, 2026 was $4.8 million. The stock options granted in the three months ended March 31, 2026 had a weighted-average grant-date fair value per share of $20.10 and a total grant-date fair value of $41.7 million. The total intrinsic value of stock options exercised during the three months ended March 31, 2026 was $2.8 million.

The weighted-average assumptions used to value employee and non-employee stock option awards granted under the Stock Plans and the Inducement Plan using the Black Scholes option pricing model, were as follows:


	Three Months Ended March 31,
	2026			2025
Fair value of common stock	$	20.10		$	9.32
Risk-free interest rate		3.88	%		4.35	%
Expected volatility		96.3	%		88.6	%
Expected term (years)		6.05			5.99
Expected dividend yield	—%			—%

Stock-based compensation expense for restricted stock awards and stock options recognized in the Company’s condensed statements of operations and comprehensive loss is presented as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expense	$	2,440	$	662
General and administrative expense		3,575		820
Total stock-based compensation expense	$	6,015	$	1,482

As of March 31, 2026, total unrecognized stock-based compensation expense related to unvested restricted stock awards and unvested stock options was $60.5 million, which is expected to be recognized over a weighted-average period of 3.0 years.