v3.26.1
Equity-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Assumptions Used For Determining The Fair Value of Warrants Granted
The following assumptions were used in determining the fair value of warrants granted during the three months ended March 31, 2026:
 
 
  
Three Months Ended

March 31, 2026
Expected volatility
   
89.1% - 91.2%
Risk-free interest rate
   
3.8% - 3.9%
Expected term (in years)
   
5.8 - 6.2
Expected dividend yield
   
0%
Fair value per share
   
$9.37
Summary of The Company's Warrants
The following table summarizes the Company’s warrants for the three months ended March 31, 2026:
 
 
  
Number of
Warrants
 
  
Weighted-
average
exercise
price per
share
 
  
Weighted-
average
remaining
contractual
term (in
years)
 
  
Aggregate
intrinsic
value (in
thousands)
 
Outstanding, December 31, 2025
   
 
2,101,352
 
   
$
5.68
 
   
 
7.4
 
   
$
2,409
 
Granted
   
 
2,294,798
 
   
$
6.00
 
   
 
— 
 
   
$
— 
 
Forfeited
   
 
(23,408
) 
   
$
6.97
 
   
 
— 
 
   
$
— 
 
  
 
 
           
Outstanding, March 31, 2026
   
 
4,372,742
 
   
$
5.84
 
   
 
8.6
 
   
$
28,045
 
  
 
 
           
Exercisable at March 31, 2026
   
 
1,568,666
 
   
$
5.12
 
   
 
6.9
 
   
$
11,141
 
  
 
 
           
Vested and expected to vest, March 31, 2026
   
 
4,372,742
 
   
$
5.84
 
   
 
8.6
 
   
$
28,045
 
  
 
 
           
Summary of Equity-based Compensation Expense Recorded As Research And Development And General and Administrative Expenses
Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):
 
 
  
Three Months Ended March 31,
 
 
  
2026
 
  
2025
 
Research and development
   
$
565
 
   
$
180
 
General and administrative
   
 
753
 
   
 
279
 
  
 
 
     
 
 
  
Total
   
$
1,318
 
   
$
459