Share-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Assumptions Used in Estimating the Fair Value of Option Grants Issued and Fair Value of Common Stock to be Purchased under 2026 ESPP |
The following assumptions were used in estimating the fair value of option grants issued:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Expected term (years) |
|
5.6 — 6.1 |
|
4.9 — 6.1 |
|
5.6 — 6.1 |
|
3.3 — 6.1 |
Volatility |
|
58.6% — 58.9% |
|
51.5% — 52.0% |
|
58.6% — 81.9% |
|
51.5% — 52.9% |
Risk-free interest rate |
|
4.1% — 4.2% |
|
3.8% — 4.0% |
|
4.0% — 4.2% |
|
3.8% — 4.2% |
Dividend yield |
|
— |
|
— |
|
— |
|
— |
The following assumptions were used to estimate the fair value of common stock to be purchased under the 2026 Employee Stock Purchase Plan (ESPP) in 2026:
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2026 |
|
2026 |
Expected term (years) |
|
0.5 |
|
0.5 |
Volatility |
|
53.4% |
|
53.4% |
Risk-free interest rate |
|
3.7% |
|
3.7% |
Dividend yield |
|
— |
|
— |
|
| Schedule of Stock Options Activity |
Stock options — A summary of stock options activity under the 2007, 2022, and 2026 Plans is presented below (in thousands, except for share and per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
|
|
|
|
|
|
|
Number of Options |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Term (in years) |
|
Aggregate Intrinsic Value |
|
Outstanding as of December 31, 2025 |
|
|
4,046,266 |
|
|
$ |
3.51 |
|
|
7.90 |
|
$ |
1,611 |
|
Options Granted |
|
|
3,396,740 |
|
|
$ |
13.83 |
|
|
|
|
|
|
Options Exercised |
|
|
(172,402 |
) |
|
$ |
3.14 |
|
|
|
|
|
|
Options Forfeited, Cancelled, or Expired |
|
|
(98,129 |
) |
|
$ |
4.78 |
|
|
|
|
|
|
Outstanding as of June 30, 2026 |
|
|
7,172,475 |
|
|
$ |
8.41 |
|
|
8.73 |
|
$ |
40,124 |
|
Vested and exercisable at June 30, 2026 |
|
|
2,014,642 |
|
|
$ |
3.39 |
|
|
6.35 |
|
$ |
20,159 |
|
|
| Summary of Stock Options Outstanding Exercise Price Range |
The following table summarizes information about stock options outstanding as of June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
Options Vested |
|
|
|
|
|
|
Weighted Average |
|
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
|
|
|
Number of |
|
Weighted Average |
|
Contractual Term |
|
Number of |
|
Weighted Average |
Exercise Price |
|
Shares |
|
Exercise Price |
|
(in years) |
|
Shares |
|
Exercise Price |
$1.40 |
|
22,969 |
|
$1.40 |
|
3.35 |
|
22,969 |
|
$1.40 |
$2.66 |
|
61,727 |
|
$2.66 |
|
4.20 |
|
61,727 |
|
$2.66 |
$2.79 |
|
84,409 |
|
$2.79 |
|
2.53 |
|
84,409 |
|
$2.79 |
$2.88 |
|
43,066 |
|
$2.88 |
|
4.83 |
|
43,066 |
|
$2.88 |
$3.24 |
|
240,178 |
|
$3.24 |
|
7.98 |
|
124,573 |
|
$3.24 |
$3.38 |
|
1,181,973 |
|
$3.38 |
|
6.54 |
|
1,108,237 |
|
$3.38 |
$3.42 |
|
31,812 |
|
$3.42 |
|
7.27 |
|
21,583 |
|
$3.42 |
$3.73 |
|
1,498,215 |
|
$3.73 |
|
8.64 |
|
511,124 |
|
$3.73 |
$3.94 |
|
522,702 |
|
$3.94 |
|
9.32 |
|
— |
|
$3.94 |
$4.11 |
|
99,604 |
|
$4.11 |
|
8.75 |
|
36,954 |
|
$4.11 |
$7.91 |
|
524,180 |
|
$7.91 |
|
9.73 |
|
— |
|
$7.91 |
$13.50 |
|
182,800 |
|
$13.50 |
|
9.93 |
|
— |
|
$13.50 |
$15.00 |
|
2,678,840 |
|
$15.00 |
|
9.86 |
|
— |
|
$15.00 |
$1.40 — $15.00 |
|
7,172,475 |
|
$8.41 |
|
8.73 |
|
2,014,642 |
|
$3.39 |
|
| Summary of Restricted Stock Units |
Restricted stock units — A summary of officer, employee, and non-employee restricted stock units granted and outstanding, under the 2026 Plan is presented below (in thousands, except for share and per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Restricted Stock Units |
|
|
Weighted Average Grant Date Fair Value |
|
|
Aggregate Intrinsic Value |
|
Outstanding as of December 31, 2025 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restricted Stock Units Granted |
|
|
181,560 |
|
|
$ |
15.00 |
|
|
|
|
Restricted Stock Units Forfeited, Cancelled, or Expired |
|
|
(2,000 |
) |
|
$ |
15.00 |
|
|
|
|
Outstanding as of June 30, 2026 |
|
|
179,560 |
|
|
$ |
15.00 |
|
|
$ |
2,406 |
|
Expected to vest as of June 30, 2026 |
|
|
179,560 |
|
|
$ |
15.00 |
|
|
$ |
2,406 |
|
|
| Summary of Share-Based Compensation Expense |
hare-based compensation expense recognized in the condensed statements of operations was classified as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development costs |
|
$ |
210 |
|
|
$ |
— |
|
|
$ |
278 |
|
|
$ |
— |
|
Selling, general and administrative expenses |
|
|
1,397 |
|
|
|
404 |
|
|
|
1,736 |
|
|
|
605 |
|
Total share-based compensation expense |
|
$ |
1,607 |
|
|
$ |
404 |
|
|
$ |
2,014 |
|
|
$ |
605 |
|
Share-based compensation expense by award type was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Stock options |
|
$ |
1,417 |
|
|
$ |
404 |
|
|
$ |
1,824 |
|
|
$ |
605 |
|
Restricted stock units |
|
|
98 |
|
|
|
— |
|
|
|
98 |
|
|
|
— |
|
Employee stock purchase plan |
|
|
92 |
|
|
|
— |
|
|
|
92 |
|
|
|
— |
|
Total share-based compensation expense |
|
$ |
1,607 |
|
|
$ |
404 |
|
|
$ |
2,014 |
|
|
$ |
605 |
|
|