v3.26.1
Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used in Black-Scholes Option-pricing Model to Determine the Fair Value of Stock Options Granted

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

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

2026

 

 

2025

 

Expected volatility

 

 

 

 

 

 

91.2

%

 

 

92.1

%

Expected dividends

 

 

 

 

 

 

0

%

 

 

0

%

Expected term (in years)

 

 

 

 

 

 

6.0

 

 

 

6.0

 

Risk-free rate

 

 

 

 

 

 

3.86

%

 

 

4.31

%

Summary of RSU activity

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

 

Number of
Stock Units

 

 

Weighted Average
Grant Date Fair Value Per Share

 

Unvested and outstanding as of December 31, 2025

 

 

 

 

$

 

Granted

 

 

376,250

 

 

 

26.65

 

Vested

 

 

(22,905

)

 

 

27.07

 

Forfeited

 

 

(11,889

)

 

 

27.07

 

Unvested and outstanding as of March 31, 2026

 

 

341,456

 

 

$

26.60

 

Summary of Stock Options Activity

The following table summarizes the activity of stock options with service-based and performance-based vesting conditions during the three months ended March 31, 2026:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Intrinsic Value
(in thousands)

 

Outstanding as of December 31, 2025

 

 

7,960,728

 

 

$

6.77

 

 

 

8.0

 

 

$

162,277

 

Granted

 

 

1,315,750

 

 

 

27.11

 

 

 

 

 

 

 

Exercised

 

 

(159,331

)

 

 

3.75

 

 

 

 

 

 

 

Forfeited

 

 

(116,162

)

 

 

15.15

 

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

9,000,985

 

 

$

9.68

 

 

 

7.9

 

 

$

21,225

 

Options exercisable March 31, 2026

 

 

3,948,929

 

 

$

5.94

 

 

 

7.2

 

 

$

14,257

 

Vested and expected to vest March 31, 2026

 

 

9,000,985

 

 

$

9.68

 

 

 

7.9

 

 

$

21,225

 

Schedule of Classification of Stock-based Compensation in Condensed Consolidated Statements of Operations and Comprehensive Loss

The following table illustrates the classification of stock-based compensation in the condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

General and administrative

 

$

2,713

 

 

$

2,155

 

Research and development

 

 

1,934

 

 

 

480

 

 

$

4,647

 

 

$

2,635