v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Restricted Stock Award Activity

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

 
Schedule of Stock Options Activity

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

 
Summary of Weighted Average Assumptions used for Grants Awards

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

 

—%

 

 

—%

 
Summary Of Stock Based Compensation Expense For Restricted Stock Awards And Stock Options

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