v3.26.1
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
The following table summarizes the changes in Class A common stock and Class B common stock for the six months ended June 30, 2026 (in shares):
Common Stock
Class AClass B
Balance at December 31, 202531,236,7876,083,338
Exercise of stock options66,252—
Conversion of Class B common stock into Class A common stock1,420,838(1,420,838)
Balance at March 31, 202632,723,8774,662,500
Exercise of stock options106,275—
Shares purchased through employee stock purchase plan120,757—
Balance at June 30, 202632,950,9094,662,500
The following table summarizes the changes in Class A common stock and Class B common stock for the six months ended June 30, 2025 (in shares):
Common Stock
Class AClass B
Balance at December 31, 202419,125,3776,729,172
Exercise of stock options17,000—
Balance at March 31, 202519,142,3776,729,172
Shares purchased through employee stock purchase plan48,346—
Balance at June 30, 202519,190,7236,729,172
Schedule of Common Stock Reserved for Future Issuance
Class A common stock reserved for future issuance consisted of the following:
June 30, 2026December 31, 2025
Common stock options granted and outstanding7,656,9135,548,320
Shares available for issuance under the 2024 Equity Incentive Plan2,042,4491,707,563
Common stock warrant15,76415,764
Common stock reserved under the 2024 Employee Stock Purchase Plan595,549436,306
Shares available for issuance under the 2026 Inducement Plan472,000—
Convertible Class B common stock4,662,5006,083,338
Total common stock reserved for future issuance15,445,17513,791,291
Schedule of Stock Option Activity
Stock option activity is as follows:
Options OutstandingWeighted- Average Exercise
Price		Weighted- Average Remaining
Contractual Term		Aggregate Intrinsic Value (in
thousands)
Balance at December 31, 20255,548,320$9.46 7.28$18,235 
Options granted2,357,85714.15 —— 
Options exercised(172,527)3.90 —— 
Options cancelled and forfeited(76,737)12.47 —— 
Options expired—— —— 
Balance at June 30, 20267,656,913$10.99 7.54$41,694 
Options vested and expected to vest as of June 30, 20267,656,913$10.99 7.54$41,694 
Options exercisable as of June 30, 20263,841,761$8.93 6.20$28,845 
Schedule of Fair Value of Stock Options was Estimated using Weighted-average Assumptions The fair value of stock options expected to vest was estimated using the following weighted-average assumptions:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Assumptions:
Expected term (in years)5.845.696.005.96
Expected volatility97%95%110%94%
Risk free interest rate4.15%3.91%3.93%4.26%
Dividend yield— — — — 
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Research and development$1,806 $1,094 $3,512 $2,177 
General and administrative2,034 1,324 4,151 2,810 
Total$3,840 $2,418 $7,663 $4,987