v3.26.1
Equity Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Equity Based Compensation Equity Based Compensation
Stock-based compensation expense is included in the accompanying condensed statements of operations and comprehensive loss and is allocated to operating expenses based on the function of the related employee. Total stock-based compensation expense for the three and six months ended June 30, 2026 was $2.1 million and $3.8 million, respectively, and was $0.6 million and $0.9 million, respectively, for the three and six months ended June 30, 2025. Of these amounts, $0.7 million and $1.3 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.4 million for the three and six months ended June 30, 2025, respectively, were recorded to research and development expenses. $1.4 million and $2.5 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2025, respectively, were recorded to general and administrative expenses.
The fair value of each option grant during the three and six months ended June 30, 2026 and 2025 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Expected volatility78-79%80%78-79%60-80%
Dividend yield0%0%0%0%
Risk free interest rates4.17-4.34%4.32%3.87-4.34%4.11-4.32%
Expected term (years)6.5-776.5-76-7
Expected volatility – Since the Company does not have sufficient stock price history, the expected volatility is calculated based on the average volatility for a peer group of companies in the industry and a similar stage of development in which the Company does business.
Dividend yield of zero – The Company has not, and does not, intend to pay, dividends.
Risk-free interest rates – The Company applies the risk-free interest rate based on the U.S. Treasury yield for the expected term of the option.
Expected term - For employee and non-employee stock options, the Company calculated the expected term as the average of the contractual term of the option and the vesting period.
The estimated fair value of the Company’s common stock was determined by the Company’s management and board of directors and considered valuation estimates from a qualified, independent third-party valuation firm.
Stock Option Activity
A summary of stock option activity for the six months ended June 30, 2026 is as follows:
(in thousands, except share and per share data)Number of Shares Underlying OptionsWeighted Average Exercise PriceAggregate Intrinsic Value
Outstanding at January 1, 20263,405,906 $4.64 $19,279 
Granted1,483,644 16.44 
Cancelled or expired(56,859)11.13 
Exercised(119,477)0.71 
Outstanding at June 30, 20264,713,214 $8.37 $65,554 
Vested and expected to vest at June 30, 20264,713,214 $8.37 $65,554 
The following table summarizes information concerning outstanding and exercisable stock options at June 30, 2026:
OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)
Outstanding at June 30, 20264,713,214 $8.37 8.8
Exercisable at June 30, 20261,166,290 $3.10 7.7
The aggregate intrinsic value of exercisable options at June 30, 2026 was $22.3 million. As of June 30, 2026, unrecognized compensation cost related to non-vested options was $27.1 million, and the weighted average period over which this amount is expected to be recognized is 2.7 years. The weighted average grant date fair value of stock options granted during the three and six months ended June 30, 2026 was $14.21 per share and $12.11 per share, respectively. The weighted average grant date fair value of stock options during the three and six months ended June 30, 2025 was $5.42 per share and $5.19 per share, respectively.