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

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

 

 

 

Stock Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of January 1, 2026

 

 

4,631,713

 

 

$

4.94

 

 

 

8.64

 

 

 

4,610

 

Granted

 

 

3,594,062

 

 

 

17.42

 

 

 

 

 

 

 

Forfeited

 

 

(41,933

)

 

 

8.41

 

 

 

 

 

 

 

Expired

 

 

(69,934

)

 

 

23.83

 

 

 

 

 

 

 

Exercised

 

 

(257,152

)

 

 

4.81

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

7,856,756

 

 

$

10.47

 

 

 

9.01

 

 

$

65,368

 

Exercisable as of June 30, 2026

 

 

1,822,954

 

 

$

5.73

 

 

 

7.45

 

 

$

24,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Assumptions used in Estimating Fair Value of Stock Options

The following table presents, on a weighted-average basis, the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of the stock options granted during the six months ended June 30, 2026:

 

 

 

June 30,

 

 

 

2026

 

Fair value of common stock

 

$

17.42

 

Expected term (in years)

 

 

5.90

 

Risk-free interest rate

 

 

4.11

%

Expected volatility

 

 

102.56

%

Dividend yield

 

 

0

%

Summary of Restricted Stock Award Activity

The summary of restricted stock award activity for the six months ended June 30, 2026, is as follows:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested as of January 1, 2026

 

 

166,550

 

 

$

13.60

 

Vested

 

 

(26,482

)

 

 

15.44

 

Unvested as of June 30, 2026

 

 

140,068

 

 

$

13.25

 

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense included in operating expenses for the periods presented:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,510

 

 

$

1,073

 

 

$

2,096

 

 

$

2,016

 

General and administrative

 

 

4,161

 

 

 

2,625

 

 

 

6,162

 

 

 

4,671

 

Total

 

$

5,671

 

 

$

3,698

 

 

$

8,258

 

 

$

6,687