v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Weighted-Average Assumptions Used to Value Stock Options

The weighted-average assumptions used to value these stock options using the Black-Scholes option-pricing model were as follows.

 

 

Three Months Ended March 31,

 

 

 

2026

 

2025

 

Risk-free interest rate

 

 

3.86

%

 

4.06

%

Dividend yield

 

 

0.00

%

 

0.00

%

Expected term of options (years)

 

 

6.03

 

 

5.78

 

Volatility

 

 

118.0

%

 

117.1

%

Summary of Stock Option Activity

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

 

 

 

Number of
Shares
Outstanding

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value (in thousands)

 

Balances at December 31, 2025

 

 

2,620,103

 

 

$

15.62

 

 

 

9.10

 

 

$

47,072

 

Granted

 

 

683,900

 

 

$

29.89

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

$

-

 

 

 

-

 

 

 

-

 

Cancelled/Forfeited

 

 

(75,000

)

 

$

29.69

 

 

 

-

 

 

 

-

 

Balances at March 31, 2026

 

 

3,229,003

 

 

$

18.31

 

 

9.03

 

 

$

43,660

 

Vested and expected to vest at March 31, 2026

 

 

3,229,003

 

 

$

18.31

 

 

9.03

 

 

$

43,660

 

Exercisable at March 31, 2026

 

 

952,499

 

 

$

26.96

 

 

8.67

 

 

$

15,517

 

Summary of Restricted Stock Unit Award Transactions

Restricted stock unit award transactions during the three months ended March 31, 2026 were as follows:

 

 

 

 

 

 

 

Weighted Avg

 

 

 

 

 

 

 

Grant Date

 

 

 

 

Shares

 

 

Fair Value

 

Outstanding at December 31, 2025

 

 

 

47,237

 

 

$

 

25.58

 

Granted

 

 

 

372,600

 

 

$

 

29.66

 

Forfeited/Cancelled

 

 

 

 

 

$

 

 

Issued as Common Stock

 

 

 

(28,400

)

 

$

 

14.85

 

Outstanding at March 31, 2026

 

 

 

391,437

 

 

$

 

30.24

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss 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

 

$

1,060

 

 

$

402

 

General and administrative

 

 

2,117

 

 

 

1,218

 

Total

 

$

3,177

 

 

$

1,620