v3.26.1
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Valuation Assumptions

The assumptions that the Company used to determine the grant-date fair value of stock options granted were as follows, presented on a weighted-average basis:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Expected option life (years)

 

6.1

 

 

 

6.0

 

Risk-free interest rate

 

 

3.8

%

 

 

4.1

%

Expected volatility

 

 

81.8

%

 

 

78.3

%

Expected dividend yield

 

 

—

%

 

 

—

%
Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2026:

 

 

Number of
options

 

 

Weighted-
average
exercise
price

 

 

Weighted-
average
remaining
contractual
term
(years)

 

Aggregate
intrinsic
value

 

Outstanding as of December 31, 2025

 

 

13,470,409

 

 

$

6.20

 

 

9.17

 

$

52,398

 

Granted

 

 

1,572,649

 

 

 

10.65

 

 

 

 

 

 

Exercised

 

 

(10,905

)

 

 

5.25

 

 

 

 

 

 

Cancelled or forfeited

 

 

(574,437

)

 

 

6.34

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

14,457,716

 

 

$

6.68

 

 

9.03

 

$

70,560

 

Exercisable at March 31, 2026

 

 

3,124,983

 

 

$

5.38

 

 

8.01

 

$

19,313

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense was allocated as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Research and development

 

$

973

 

 

$

217

 

General and administrative

 

 

2,966

 

 

 

1,306

 

Total stock-based compensation expense

 

$

3,939

 

 

$

1,523