v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of RSUs Related to Employees, Directors and Nonemployees

Activity during the six months ended June 30, 2026 in RSUs related to employees and directors was as follows:

 

Number of Shares

 

 

Weighted-Average Grant Date
Fair Value

 

Unvested Balance—December 31, 2025

 

 

736,610

 

 

$

6.48

 

Granted

 

 

332,689

 

 

 

17.01

 

Vested

 

 

(546,871

)

 

 

6.61

 

Forfeited

 

 

(28,061

)

 

 

7.29

 

Unvested Balance—June 30, 2026

 

 

494,367

 

 

$

13.46

 

Vesting solely upon a service condition

 

 

494,367

 

 

 

 

Activity during the six months ended June 30, 2026 in RSUs related to nonemployees was as follows:

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested Balance—December 31, 2025

 

 

180,988

 

 

$

6.44

 

Granted

 

 

5,000

 

 

 

14.70

 

Vested

 

 

(34,738

)

 

 

6.50

 

Forfeited

 

 

(15,000

)

 

 

6.42

 

Unvested Balance—June 30, 2026, of which:

 

 

136,250

 

 

$

6.73

 

Vesting solely upon a service condition

 

 

136,250

 

 

 

 
Summary of Stock-based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations was as follows:

 

For the Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

General and administrative expenses:

 

 

 

 

 

 

Stock-Based Compensation Expense — Directors

 

$

1,266

 

 

$

—

 

Stock-Based Compensation Expense — Employees

 

 

4,055

 

 

 

—

 

Stock-Based Compensation Expense — Consultants

 

 

968

 

 

 

—

 

Total stock-based compensation expense

 

$

6,289

 

 

$

—

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

General and administrative expenses:

 

 

 

 

 

 

Stock-Based Compensation Expense — Directors

 

$

1,471

 

 

$

—

 

Stock-Based Compensation Expense — Employees

 

 

4,647

 

 

 

—

 

Stock-Based Compensation Expense — Consultants

 

 

968

 

 

 

—

 

Total stock-based compensation expense

 

$

7,086

 

 

$

—

 
IPO  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions used to Estimate the Fair Value

The following table summarizes the assumptions used in the IPO scenario to estimate the fair value of the RSUs granted prior to the IPO:

Expected IPO Date

 

5/8/2026

Expected IPO Price per Share

 

$19.00

Discount for Lack of Marketability

 

7.0%

Probability of Occurring

 

85.0%
Option Pricing Model  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions used to Estimate the Fair Value

The following table summarizes the assumptions used in the OPM to estimate the fair value of the RSUs granted prior to the IPO:

Expected term (in years)

 

0.75

Expected Volatility

 

129%

Risk-free interest rate

 

3.68%

Expected dividend yield

 

0%

Discount for Lack of Marketability

 

20.0%