v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Activity

The following table sets forth the activity for the Company’s stock options during the periods presented:

 

 

 

Number of
Options

 

 

Weighted-
average
exercise
price per
share

 

 

Weighted-
average
remaining
contractual
term
(in years)

 

 

Aggregate
intrinsic
value

 

Outstanding at December 31, 2025

 

 

983,375

 

 

$

28.38

 

 

 

9.2

 

 

 

8,477,387

 

Granted

 

 

3,137,078

 

 

$

24.16

 

 

 

—

 

 

 

—

 

Exercised

 

 

(60,500

)

 

$

7.00

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(14,138

)

 

$

79.24

 

 

 

—

 

 

 

—

 

Outstanding at March 31, 2026

 

 

4,045,815

 

 

$

24.25

 

 

 

9.6

 

 

$

11,421,580

 

Vested and expected to vest at
   March 31, 2026

 

 

4,045,815

 

 

$

24.25

 

 

 

9.6

 

 

$

11,421,580

 

Vested and exercisable at March 31,
   2026

 

 

2,033,579

 

 

$

25.33

 

 

 

9.3

 

 

$

10,483,127

 
Schedule of Activity for RSUs

The following table sets forth the activity for the Company’s RSUs during the periods presented:

 

 

Restricted
Stock Units

 

 

Weighted-
average
grant date fair
value

 

Total nonvested units at December 31, 2025

 

 

7,800

 

 

$

17.75

 

Granted

 

 

955,005

 

 

$

23.75

 

Vested

 

 

(5,292

)

 

$

17.75

 

Total nonvested units at March 31, 2026

 

 

957,513

 

 

$

23.73

 
Summary of Stock-based Compensation Expense The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):

 

 

For the Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development (1)

 

$

6,286

 

 

$

5

 

General and administrative

 

 

1,832

 

 

 

174

 

Total Stock-based compensation

 

$

8,118

 

 

$

179

 

(1) For the three months ended March 31, 2026, $5.0 million, was recognized as stock compensation expense related to the Paramora Warrant Obligation. There were no such expenses for the three months ended March 31, 2025.
Summary of Fair Value Assumptions of Options Granted Estimated Based on Black-Scholes Model The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions:

 

 

For the Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

4.0

%

 

 

4.5

%

Expected term (in years)

 

 

7.0

 

 

 

6.0

 

Expected volatility

 

 

101.6

%

 

 

95.3

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

The following table summarizes the assumptions used in calculating the fair value of the warrant obligation for the three months ended March 31, 2026:

 

 

For the Three Months Ended March 31,

 

 

 

2026

 

Expected volatility

 

 

106.2

%

Expected term (in years)

 

 

10.0

 

Risk-free interest rate

 

 

4.3

%

Expected dividend yield

 

 

0.0

%