Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Stock-Based Compensation [Abstract] |
|
| Schedule of Weighted-Average Assumptions Used in Calculating the Fair Value of the Awards |
The following table summarizes
the weighted-average assumptions used in calculating the fair value of the awards for the three months ended March 31, 2026 and 2025:
| | | Three Months Ended
March 31, | | | | | 2026 | | | 2025 | | | Expected term (in years) | | | 6.0 | | | | 6.0 | | | Expected volatility | | | 87.4 | % | | | 96.0 | % | | Risk-free interest rate | | | 3.9 | % | | | 4.5 | % | | Expected dividend yield | | | — | | | | — | |
|
| Schedule of Stock Option Activity |
The following table summarizes
the stock option activities under the 2024 Plan and the 2024 Stock Plan for the three months ended March 31, 2026:
| | | Number of
Stock
Options
Outstanding | | | Weighted
Average
Exercise
Price
Per Share | | | Weighted
Average
Remaining
Contractual
Term
(in Years) | | | Aggregate
Intrinsic
Value
(in Thousands) | | | Balance as of December 31, 2025 | | | 3,950,958 | | | $ | 12.61 | | | | 8.9 | | | $ | 69,966 | | | Granted | | | 1,482,951 | | | $ | 34.31 | | | | | | | | | | | Exercised | | | (58,593 | ) | | $ | 11.91 | | | | | | | | | | | Canceled/forfeited | | | (77,965 | ) | | $ | 15.04 | | | | | | | | | | | Balance as of March 31, 2026 | | | 5,297,351 | | | $ | 18.66 | | | | 9.0 | | | $ | 160,987 | | | Vested and expected to vest, March 31, 2026 | | | 5,297,351 | | | $ | 18.66 | | | | 9.0 | | | $ | 160,987 | | | Exercisable, March 31, 2026 | | | 1,269,986 | | | $ | 12.11 | | | | 8.4 | | | $ | 46,912 | |
|
| Schedule of RSU and RSA Activity |
The following table summarizes
the RSU activity for the three months ended March 31, 2026:
| | |
Number of
RSUs
Outstanding | | |
Weighted
Average
Grant Date Fair Value | |
| Unvested as of December 31, 2025 | |
| — | | |
$ | — | |
| Granted | |
| 421,019 | | |
$ | 34.43 | |
| Vested | |
| (24,611 | ) | |
$ | 34.37 | |
| Canceled/forfeited | |
| (263 | ) | |
$ | 34.39 | |
| Unvested as of March 31, 2026 | |
| 396,145 | | |
$ | 34.44 | |
The following table summarizes
the restricted stock awards (“RSA”) activity for the three months ended March 31, 2026:
| | |
Number of
RSAs | | |
Weighted
Average
Grant Date
Fair Value | |
| Unvested balance as of December 31, 2025 | |
| 1,149,589 | | |
$ | — | |
| Granted | |
| — | | |
$ | — | |
| Vested | |
| (125,719 | ) | |
$ | — | |
| Canceled/ forfeited | |
| — | | |
$ | — | |
| Unvested balance as of March 31, 2026 | |
| 1,023,870 | | |
$ | — | |
|
| Schedule of Employee Warrant Activity |
The following table summarizes
the employee warrant activity during the three months ended March 31, 2026:
| | | Number of
Employee
Warrants
Outstanding | | | Weighted
Average
Exercise
Price
Per Share | | | Weighted
Average
Remaining
Contractual
Term
(in Years) | | | Aggregate
Intrinsic
Value
(in Thousands) | | | Balance as of December 31, 2025 | | | 3,029,510 | | | $ | 7.80 | | | | 8.5 | | | $ | 68,194 | | | Granted | | | — | | | $ | — | | | | | | | | | | | Exercised | | | (137,003 | ) | | $ | 7.80 | | | | | | | | | | | Canceled/forfeited | | | (124,996 | ) | | $ | 7.80 | | | | | | | | | | | Balance as of March 31, 2026 | | | 2,767,511 | | | $ | 7.80 | | | | 8.3 | | | $ | 114,160 | | | Vested and expected to vest, March 31, 2026 | | | 2,767,511 | | | $ | 7.80 | | | | 8.3 | | | $ | 114,160 | | | Exercisable, March 31, 2026 | | | 1,265,741 | | | $ | 7.80 | | | | 8.3 | | | $ | 52,212 | |
|
| Schedule of Company’s Stock-Based Compensation Expense |
The following table summarizes the classification
of the Company’s stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
| | |
Three Months Ended
March 31, | |
| | |
2026 | | |
2025 | |
| Research and development | |
$ | 3,579 | | |
$ | 3,003 | |
| General and administrative | |
| 3,389 | | |
| 1,880 | |
| Total | |
$ | 6,968 | | |
$ | 4,883 | |
|
| Schedule of Award Types of Company’s Stock-Based Compensation Expense |
The following table summarizes
the award types of the Company’s stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
| | |
Three Months Ended
March 31, | |
| | |
2026 | | |
2025 | |
| Paruka Warrant Obligation | |
$ | — | | |
$ | 1,415 | |
| Employee warrants | |
| 1,128 | | |
| 1,551 | |
| Stock options | |
| 4,737 | | |
| 1,889 | |
| Restricted stock units | |
| 1,018 | | |
| — | |
| Employee stock purchase plan | |
| 85 | | |
| 28 | |
| Total | |
$ | 6,968 | | |
$ | 4,883 | |
|