v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Recognized in Statements of Operations
The Company recognized total stock-based compensation expense for non-employees and employees in its statements of operations and comprehensive loss as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
202620252026
2025
Research and development$4,226
$
1,159 
$6,451$2,300
General and administrative
4,012 
2,333 
7,645 
4,643
Total $8,238$3,492$14,096$6,943
Schedule of Weighted Average Assumptions When utilizing the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted to employees or non-employees, we used the following weighted average assumptions:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Risk-free interest rate
4.0%-4.2%
3.9%-4.1%
3.7%-4.2%
3.9%-4.4%
Expected life (in years)
6.1
5.5-6.1
6.1
5.5-6.1
Volatility
93.4%-94.7%
90.8%-95.4%
93.4%-94.7%
90.6%-95.4%
Expected dividend rate
—%—%—%—%
Fair value of common stock
$20.50-$22.58
$9.90-$14.71
$16.11-$22.58
$9.90-$14.71
Schedule of Stock Option Activity
A summary of options award activity for non-employees and employees of the Company is as follows:
SharesWeighted-
Average
Exercise
Price		Weighted Average –
Remaining
Contractual
Life (years)
Aggregate Intrinsic
Value (1)
(in thousands)
Outstanding as of December 31, 20259,850,977$9.03
Granted3,071,02017.89
Exercised(749,154)5.22
Canceled(435,325)11.55
Outstanding as of June 30, 202611,737,51811.508.56$213,544
Exercisable as of June 30, 20263,823,103$8.037.84$82,818
Exercisable and expected to vest as of June 30, 202611,737,518
$
11.50 
8.56
(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock on June 30, 2026 for the options that were in the money.