Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of New Options Granted

The weighted-average assumptions used principally in determining the fair value of new options granted during the periods presented were as follows:


		Three Months Ended March 31,
		2026				2025
Expected term (in years)			6.1				6.0
Expected volatility			102.4	%			85.5	%
Risk-free interest rate			3.7	%			4.4	%
Dividend yield			—				—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:


		Three Months Ended March 31,
(in thousands)		2026				2025
Research and development		$	601			$	1,042
General and administrative			8,269				891
Total stock-based compensation expense		$	8,870			$	1,933