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 Assumptions used in Estimating Fair Value of Stock Options The assumptions used to determine the fair value of stock options granted were as follows:

 

 

June 30, 2026

 

 

June 30, 2025

 

Expected life of options (in years)

 

5.50 - 6.06

 

 

 

6.25

 

Risk-free interest rate

 

3.81 - 4.34%

 

 

 

4.42

 %

Expected volatility

 

92.8 - 94.5%

 

 

 

86.7

 %

Dividends

 

$

 

—

 

 

$

—

 

Fair value of common stock

 

$

20.73 - 31.97

 

 

$

35.14

 
Schedule of Share-Based Payment Arrangement, Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows (in thousands, except per share and contractual term data):

 

 

Options
Outstanding

 

 

Weighted
Average
Exercise
Price
Per Share

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value

 

Balance at December 31, 2025

 

 

2,588

 

 

$

15.77

 

 

 

9.46

 

 

$

17,235

 

Granted

 

 

774

 

 

 

24.71

 

 

 

 

 

 

 

Exercised

 

 

(3

)

 

 

15.00

 

 

 

 

 

 

 

Forfeited

 

 

(64

)

 

 

16.38

 

 

 

 

 

 

 

Balance at June 30, 2026

 

 

3,295

 

 

$

17.85

 

 

9.16

 

 

$

48,390

 

Options vested and expected to vest as of June 30, 2026

 

 

3,295

 

 

$

17.85

 

 

 

9.16

 

 

 

 

Options exercisable as of June 30, 2026

 

 

212

 

 

$

17.33

 

 

 

7.43

 

 

 

 
Schedule of Stock-Based Compensation

During the three and six months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense related to stock options as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,897

 

 

$

114

 

 

$

2,367

 

 

$

243

 

General and administrative

 

 

3,004

 

 

 

219

 

 

 

5,098

 

 

 

724

 

Total stock-based compensation

 

$

4,901

 

 

$

333

 

 

$

7,465

 

 

$

967

 
Restricted Stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Share-Based Payment Arrangement, Stock Option Activity

A summary of the Company’s restricted stock activity is as follows:

 

 

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Unvested Balance at December 31, 2025

 

 

6,647

 

 

$

11.15

 

Granted

 

 

—

 

 

 

 

Vested

 

 

(6,589

)

 

 

12.09

 

Unvested balance as of June 30, 2026

 

 

58

 

 

$

23.15

 
Schedule of Stock-Based Compensation

During the three and six months ended June 30, 2026 and 2025, the Company recognized stock-based compensation related to shares of restricted stock as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

—

 

 

$

1

 

 

$

—

 

 

$

1

 

General and administrative

 

 

—

 

 

 

—

 

 

 

2

 

 

 

1

 

Total stock-based compensation

 

$

—

 

 

$

1

 

 

$

2

 

 

$

2