Equity-based compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option activity during the three months ended March 31, 2026:


		Number of Stock Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2026			5,899,875			$	5.87				7.56			$	32,946
Granted			1,764,987				18.05				—				—
Exercised			(6,023	)			4.95				—				85
Cancelled			(6,955	)			15.88				—				—
Outstanding as of March 31, 2026			7,651,884			$	8.67				7.79			$	70,842
Options vested and exercisable as of March 31, 2026			3,574,189			$	4.12				6.26			$	49,228
Options unvested and expected to vest as of March 31, 2026			4,077,695			$	12.66				9.13			$	21,614

Summary of Weighted-average Basis, Assumptions used in the Black Scholes option-pricing Model

The following table presents, on a weighted-average basis, the assumptions used in the Black Scholes option-pricing model to determine the grant-date fair value of the stock options granted during the years ended:


		March 31,				March 31,
		2026				2025
Expected term (in years)			6.04				6.07
Risk-free interest rate			3.84	%			4.47	%
Expected volatility			90.93	%			83.43	%
Dividend yield			—				—

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense included in operating expenses (in thousands):


		Three Months Ended March 31,
		2026				2025
Research and development		$	1,288			$	598
General and administrative			1,734				637
Total		$	3,022			$	1,235