v3.26.1
Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

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

 

 

Number of
options

 

 

Weighted-
average
exercise
price

 

 

Weighted-
average
remaining
contractual
term
(years)

 

Aggregate
intrinsic
value

 

Outstanding as of December 31, 2025

 

 

13,470,409

 

 

$

6.20

 

 

9.17

 

$

52,398

 

Granted

 

 

5,948,569

 

 

 

14.87

 

 

 

 

 

 

Exercised

 

 

(83,056

)

 

 

5.29

 

 

 

 

 

 

Cancelled or forfeited

 

 

(749,325

)

 

 

7.36

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

18,586,597

 

 

$

8.93

 

 

9.03

 

$

243,706

 

Exercisable at June 30, 2026

 

 

3,530,867

 

 

$

5.37

 

 

7.85

 

$

58,820

 

Schedule of Stock Option Valuation Assumptions The assumptions that the Company used to determine the grant-date fair value of stock options granted during the three and six months ended June 30, 2026 and 2025 were as follows, presented on a weighted-average basis:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Expected option life (years)

 

 

6.0

 

 

 

6.1

 

 

 

6.0

 

 

 

6.1

 

Risk-free interest rate

 

 

4.0

%

 

 

4.1

%

 

 

4.0

%

 

 

4.1

%

Expected volatility

 

 

80.1

%

 

 

78.5

%

 

 

81.2

%

 

 

78.4

%

Expected dividend yield

 

 

%

 

 

%

 

 

%

 

 

%

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was allocated as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

2,428

 

 

$

279

 

 

$

3,401

 

 

$

496

 

General and administrative

 

 

5,916

 

 

 

1,352

 

 

 

8,882

 

 

 

2,658

 

Total stock-based compensation expense

 

$

8,344

 

 

$

1,631

 

 

$

12,283

 

 

$

3,154