v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of RSUs Related to Employees, Directors and Nonemployees

Activity during the three months ended March 31, 2026 in RSUs related to employees and directors was as follows:

 

Number of Shares

 

 

Weighted-Average Grant Date
Fair Value
per Share

 

Unvested Balance—December 31, 2025

 

 

736,610

 

 

$

6.48

 

Granted

 

 

172,904

 

 

 

11.54

 

Vested

 

 

—

 

 

 

—

 

Forfeited

 

 

(26,739

)

 

 

7.00

 

Unvested Balance—March 31, 2026

 

 

882,775

 

 

$

7.45

 

Vesting solely upon a service condition

 

 

103,165

 

 

 

 

Vesting requires meeting a performance condition

 

 

779,610

 

 

 

 

 

Activity during the three months ended March 31, 2026 in RSUs related to nonemployees was as follows:

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value per Share

 

Unvested Balance—December 31, 2025

 

 

180,988

 

 

$

6.44

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

—

 

Forfeited

 

 

(15,000

)

 

 

6.42

 

Unvested Balance—March 31, 2026, of which:

 

 

165,988

 

 

$

6.44

 

Vesting solely upon a service condition

 

 

—

 

 

 

 

Vesting requires meeting a performance condition

 

 

165,988

 

 

 

 
Summary of Stock-based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations was as follows:

 

March 31,

 

 

 

2026

 

 

2025

 

General and administrative expenses:

 

 

 

 

 

 

Stock-Based Compensation Expense — Directors

 

$

205

 

 

$

—

 

Stock-Based Compensation Expense — Employees

 

 

592

 

 

 

—

 

Total stock-based compensation expense

 

$

797

 

 

$

—

 
IPO  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions used to Estimate the Fair Value

The following table summarizes the assumptions used in the IPO scenario to estimate the fair value of the RSUs:

 

March 31, 2026

Expected IPO Date

 

5/8/2026

Expected IPO Price per Share

 

$19.00

Discount for Lack of Marketability

 

7.0%

Probability of Occurring

 

85.0%
Option Pricing Model  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions used to Estimate the Fair Value

The following table summarizes the assumptions used in the OPM to estimate the fair value of the RSUs:

 

March 31, 2026

Expected term (in years)

 

0.75

Expected Volatility

 

129%

Risk-free interest rate

 

3.68%

Expected dividend yield

 

0%

Discount for Lack of Marketability

 

20.0%