Stock Option Plan (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Fair Values of Stock Options

The assumptions used to determine the fair values of stock options granted to employees, directors, and certain consultants are as follows:


		Three Months Ended
		March 31, 2026
Risk-free interest rate		3.8% -3.9 %
Expected life of options (in years)		5.5-6.1
Expected volatility of underlying stock		62.3% -79.7 %
Fair value of underlying common stock		$2.89-$8.27
Expected dividend yield			—	%

Summary of Stock Option Activity

The following table summarizes the stock option activity:


		Number of Stock Options				Weighted Average Exercise Price (per share)				Remaining Contractual Life (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025			4,088,900			$	4.92				8.20			$	444
Options granted			307,792				7.57
Options exercised			(5,256	)			2.90
Options forfeited			(42,316	)			4.84
Options expired			(2,498	)			4.62
Outstanding as of March 31, 2026			4,346,622			$	5.11				8.04				28,825
Options exercisable as of March 31, 2026			1,860,689			$	5.05				6.63			$	12,452

Summary of Stock-based Compensation Expense

Stock-based compensation expense recognized in the accompanying consolidated statements of comprehensive loss for the three months ended March 31, 2026 and 2025, included the following (in thousands):


		Three Months Ended March 31,
		2026				2025
General and administrative		$	789			$	380
Research and development			404				163
Total		$	1,193			$	543