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

The following table sets forth the activity for the Company’s stock options during the periods presented:

 

 

 

Number of
Options

 

 

Weighted-
average
exercise
price per
share

 

 

Weighted-
average
remaining
contractual
term
(in years)

 

 

Aggregate
intrinsic
value

 

Outstanding at December 31, 2025

 

 

983,375

 

 

$

28.38

 

 

 

9.2

 

 

 

8,477,387

 

Granted

 

 

3,724,478

 

 

$

24.29

 

 

 

—

 

 

 

—

 

Exercised

 

 

(92,402

)

 

$

7.03

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(91,100

)

 

$

123.34

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2026

 

 

4,524,351

 

 

$

23.59

 

 

 

9.6

 

 

$

11,066,420

 

Vested and expected to vest at June 30, 2026

 

 

4,524,351

 

 

$

23.59

 

 

 

9.6

 

 

$

11,066,420

 

Vested and exercisable at June 30, 2026

 

 

1,924,268

 

 

$

21.57

 

 

 

9.4

 

 

$

10,113,618

 

 
Schedule of Activity for RSUs

The following table sets forth the activity for the Company’s RSUs during the periods presented:

 

 

 

Restricted
Stock Units

 

 

Weighted-
average
grant date fair
value

 

Total nonvested units at December 31, 2025

 

 

7,800

 

 

$

17.75

 

Granted

 

 

955,005

 

 

$

23.75

 

Vested

 

 

(6,018

)

 

$

17.75

 

Total nonvested units at June 30, 2026

 

 

956,787

 

 

$

23.73

 

 
Summary of Stock-based Compensation Expense The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development (1)

 

$

6,049

 

 

$

5

 

 

$

12,335

 

 

$

10

 

General and administrative

 

 

4,638

 

 

 

167

 

 

 

6,470

 

 

 

341

 

Total Stock-based compensation

 

$

10,687

 

 

$

172

 

 

$

18,805

 

 

$

351

 

 

(1) For the three and six months ended June 30, 2026, $4.5 million and $9.5 million, respectively, was recognized as stock compensation expense related to the Paramora Warrant Obligation. There were no such expenses for the three and six months ended June 30, 2025.
Summary of Fair Value Assumptions of Options Granted Estimated Based on Black-Scholes Model The fair value of each option was estimated on the date of grant using the assumptions in the table below:

 

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

4.0

%

 

 

4.4

%

Expected term (in years)

 

 

6.1

 

 

 

5.9

 

Expected volatility

 

 

84.1

%

 

 

95.9

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

The following table summarizes the assumptions used in calculating the fair value of the warrant obligation for the six months ended June 30, 2026:

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

Expected volatility

 

 

82.74

%

Expected term (in years)

 

 

10

 

Risk-free interest rate

 

 

4.4

%

Expected dividend yield

 

 

—