v3.26.1
Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of The Company's Warrant Activity

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

 

 

 

Number of
Warrants

 

 

Weighted-
average
exercise price
per share

 

 

Weighted-
average
remaining
contractual
term
(in years)

 

 

Aggregate
intrinsic
value
(in thousands)

 

Outstanding, December 31, 2025

 

 

2,101,352

 

 

$

5.68

 

 

 

7.4

 

 

$

2,409

 

Granted

 

 

2,294,798

 

 

$

6.00

 

 

 

-

 

 

 

-

 

Forfeited

 

 

(54,582

)

 

$

6.82

 

 

 

-

 

 

 

-

 

Outstanding, June 30, 2026

 

 

4,341,568

 

 

$

5.83

 

 

 

8.3

 

 

$

134,142

 

Exercisable at June 30, 2026

 

 

1,684,826

 

 

$

5.25

 

 

 

7.0

 

 

$

53,040

 

Vested and expected to vest, June 30, 2026

 

 

4,341,568

 

 

$

5.83

 

 

 

8.3

 

 

$

134,142

 
Summary of Stock Option Activity

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

 

 

 

Number of
Options

 

 

Weighted-
average
exercise price
per share

 

 

Weighted-
average
remaining
contractual
term
(in years)

 

 

Aggregate
intrinsic
value
(in thousands)

 

Outstanding, December 31, 2025

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

Granted

 

 

306,900

 

 

$

18.00

 

 

 

-

 

 

 

-

 

Outstanding, June 30, 2026

 

 

306,900

 

 

$

18.00

 

 

 

9.8

 

 

$

5,748

 

Exercisable at June 30, 2026

 

 

2,042

 

 

$

18.00

 

 

 

10.1

 

 

$

38

 

Vested and expected to vest, June 30, 2026

 

 

306,900

 

 

$

18.00

 

 

 

9.8

 

 

$

5,748

 
Summary of Assumptions Used For Determining The Fair Value of Warrants Granted

The following assumptions were used in determining the fair value of options and warrants granted during the six months ended June 30, 2026:

 

 

 

Six Months Ended June 30, 2026

Expected volatility

 

89.0% - 91.2%

Risk-free interest rate

 

3.8% - 4.1%

Expected term (in years)

 

5.8 - 6.2

Expected divided yield

 

0%
Summary of Equity-based Compensation Expense Recorded As Research And Development And General and Administrative Expenses

Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

981

 

 

$

215

 

 

$

1,546

 

 

$

395

 

General and administrative

 

 

1,034

 

 

 

279

 

 

 

1,787

 

 

 

558

 

Total

 

$

2,015

 

 

$

494

 

 

$

3,333

 

 

$

953