v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes the stock option activity for the six months ended June 30, 2026:

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value (in
thousands)

 

Balance-December 31, 2025

 

 

7,914,058

 

 

$

7.74

 

 

 

7.9

 

 

$

46,246

 

Granted

 

 

1,864,790

 

 

 

19.18

 

 

 

 

 

 

 

Exercised

 

 

(607,944

)

 

 

6.99

 

 

 

 

 

 

 

Forfeited/expired

 

 

(16,982

)

 

 

7.76

 

 

 

 

 

 

 

Balance-June 30, 2026

 

 

9,153,922

 

 

$

10.12

 

 

 

7.9

 

 

$

131,716

 

Vested and Exercisable-June 30, 2026

 

 

4,239,447

 

 

$

8.80

 

 

 

6.9

 

 

$

66,600

 

 

Summary of Estimated Fair Value of Stock Options Granted Weighted Average Assumptions

 

Six months ended
June 30,

 

 

2026

 

 

2025

 

Weighted-average risk-free interest rate

 

 

3.9

%

 

 

4.4

%

Expected term of stock options (in years)

 

6.0

 

 

6.0

 

Weighted-average expected stock price volatility

 

 

101.1

%

 

 

108.0

%

Estimated dividend yield

 

 

 

 

 

 

Schedule of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the statements of operations and comprehensive loss is as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,483

 

 

$

790

 

 

$

2,957

 

 

$

1,578

 

General and administrative

 

 

2,786

 

 

 

2,439

 

 

 

5,568

 

 

 

4,600

 

Total stock-based compensation expense

 

$

4,269

 

 

$

3,229

 

 

$

8,525

 

 

$

6,178