v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Award Activity

The following is a summary of the Company’s stock option award activity under the 2024 Plan during the three months ended March 31, 2026:

 

 

 

Number
of Stock
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2025

 

 

8,569,619

 

 

$

4.60

 

 

 

8.67

 

 

$

28,669

 

Granted

 

 

1,038,909

 

 

 

10.09

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(289,028

)

 

 

4.64

 

 

 

—

 

 

 

—

 

Expired

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at March 31, 2026

 

 

9,319,500

 

 

$

5.30

 

 

 

8.43

 

 

$

47,390

 

Vested and expected to vest at March 31, 2026

 

 

9,319,500

 

 

$

5.30

 

 

 

8.43

 

 

$

47,390

 

Exercisable at March 31, 2026

 

 

5,688,843

 

 

$

4.22

 

 

 

8.01

 

 

$

33,744

 
Schedule of Ranges of Assumptions Used in Black-Scholes Option-Pricing Model The following table presents the ranges of assumptions used by the Company in the Black-Scholes option-pricing model during the three months ended March 31, 2026 and 2025:

 

 

March 31,

 

2026

 

2025

Expected term (in years)

5.50 - 6.11 years

 

5.85 - 6.08 years

Risk-free interest rate

3.59% - 3.86%

 

3.93% - 4.39%

Volatility

93.71% - 94.23%

 

90.74% - 91.63%

Dividend yield

0.00%

 

0.00%
Summary of Restricted Stock Award Activity

The following is a summary of the Company’s restricted stock award activity under the 2024 Plan during the three months ended March 31, 2026:

 

 

 

Number
of Units

 

 

Weighted-
Average
Fair Value

 

Unvested at December 31, 2025

 

 

154,778

 

 

$

3.05

 

Vested

 

 

(33,166

)

 

 

3.05

 

Unvested at March 31, 2026

 

 

121,612

 

 

$

3.05

 
Schedule of Stock-Based Compensation Expense

The following table represents stock-based compensation expense recorded in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

891

 

 

$

497

 

General and administrative

 

$

1,678

 

 

 

1,122

 

Stock-based compensation expense

 

$

2,569

 

 

$

1,619