Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule 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
Term
(Years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Balance as of December 31, 2025 |
|
|
9,736,078 |
|
|
$ |
5.91 |
|
|
|
9.1 |
|
|
$ |
92,693 |
|
Granted |
|
|
3,998,956 |
|
|
|
16.46 |
|
|
|
|
|
|
|
Exercised |
|
|
(306,757 |
) |
|
|
5.30 |
|
|
|
|
|
|
|
Forfeited |
|
|
(265,518 |
) |
|
|
7.54 |
|
|
|
|
|
|
|
Outstanding at June 30, 2026 |
|
|
13,162,759 |
|
|
$ |
9.10 |
|
|
|
8.9 |
|
|
$ |
174,072 |
|
Options vested and exercisable as of June 30, 2026 |
|
|
2,969,707 |
|
|
$ |
5.44 |
|
|
|
8.6 |
|
|
$ |
49,786 |
|
|
| Schedule of Stock-Based Compensation Expense |
The following table summarizes the classification of the Company’s stock-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2026 |
|
|
Three Months Ended
June 30, 2025 |
|
|
Six Months Ended
June 30, 2026 |
|
|
Six Months Ended
June 30, 2025 |
|
Research and development |
|
$ |
10,575 |
|
|
$ |
2,556 |
|
|
$ |
15,492 |
|
|
$ |
4,222 |
|
General and administrative |
|
|
3,031 |
|
|
|
1,339 |
|
|
|
5,519 |
|
|
|
2,096 |
|
Total |
|
$ |
13,606 |
|
|
$ |
3,895 |
|
|
$ |
21,011 |
|
|
$ |
6,318 |
|
The following table summarizes the stock-based compensation based on type of award for the three and six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2026 |
|
|
Three Months Ended
June 30, 2025 |
|
|
Six Months Ended
June 30, 2026 |
|
|
Six Months Ended
June 30, 2025 |
|
Parade warrant obligation |
|
$ |
7,103 |
|
|
$ |
1,521 |
|
|
$ |
9,770 |
|
|
$ |
2,486 |
|
Stock options |
|
|
6,055 |
|
|
|
2,374 |
|
|
|
10,557 |
|
|
|
3,832 |
|
Restricted stock units |
|
|
448 |
|
|
|
— |
|
|
|
684 |
|
|
|
— |
|
Total |
|
$ |
13,606 |
|
|
$ |
3,895 |
|
|
$ |
21,011 |
|
|
$ |
6,318 |
|
|
| Stock Option Valuation |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Assumptions Used in Calculating the Fair Value |
The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the three and six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2026 |
|
|
Three Months Ended
June 30, 2025 |
|
|
Six Months Ended
June 30, 2026 |
|
|
Six Months Ended
June 30, 2025 |
|
|
Expected volatility |
|
|
93.07 |
|
% |
|
94.76 |
|
% |
|
94.62 |
|
% |
|
95.34 |
|
% |
Expected term (in years) |
|
|
5.94 |
|
|
|
6.03 |
|
|
|
6.03 |
|
|
|
6.07 |
|
|
Risk-free interest rate |
|
|
4.12 |
|
% |
|
3.94 |
|
% |
|
3.87 |
|
% |
|
4.39 |
|
% |
Expected dividend yield |
|
|
— |
|
% |
|
— |
|
% |
|
— |
|
% |
|
— |
|
% |
|
| Restricted Stock Units |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule Of Restricted Stock Units and Restricted Stock Awards Activity |
The following table summarizes the RSU activity for the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Number of RSUs |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested balance as of December 31, 2025 |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
497,354 |
|
|
|
14.81 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
(7,500 |
) |
|
|
14.81 |
|
Unvested balance as of June 30, 2026 |
|
|
489,854 |
|
|
$ |
14.81 |
|
|
| RSAs |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule Of Restricted Stock Units and Restricted Stock Awards Activity |
The following table summarizes the RSA activity for the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Number of RSAs |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested balance as of December 31, 2025 |
|
|
339,473 |
|
|
$ |
— |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
(64,662 |
) |
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested balance as of June 30, 2026 |
|
|
274,811 |
|
|
$ |
— |
|
|
| Parade Warrant Obligation |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Assumptions Used in Calculating the Fair Value |
The following table summarizes the assumptions used in calculating the fair value of the warrant obligation as of June 30, 2026:
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
Expected volatility |
|
|
95.1 |
|
% |
Expected term (in years) |
|
|
10.0 |
|
|
Risk-free interest rate |
|
|
4.4 |
|
% |
Expected dividend yield |
|
|
— |
|
% |
|