v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Weighted-Average Assumptions Used to Value Stock Options

The weighted-average assumptions used to value these stock options using the Black-Scholes option-pricing model were as follows.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

2025

 

 

2026

 

2025

 

Risk-free interest rate

 

 

4.21

%

 

4.18

%

 

 

4.03

%

 

4.07

%

Dividend yield

 

 

0.00

%

 

0.00

%

 

 

0.00

%

 

0.00

%

Expected term of options (years)

 

 

6.02

 

 

6.08

 

 

 

6.03

 

 

5.81

 

Volatility

 

 

116.31

%

 

118.00

%

 

 

117.14

%

 

117.00

%

Summary of Stock Option Activity

The table below summarizes the stock option activity during the six months ended June 30, 2026:

 

 

 

Number of
Shares
Outstanding

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value (in thousands)

 

Balances at December 31, 2025

 

 

2,620,103

 

 

$

15.62

 

 

 

9.10

 

 

$

47,072

 

Granted

 

 

1,291,900

 

 

$

24.16

 

 

 

-

 

 

 

-

 

Exercised

 

 

(3,583

)

 

$

7.02

 

 

 

-

 

 

 

-

 

Cancelled/Forfeited

 

 

(75,000

)

 

$

29.69

 

 

 

-

 

 

 

-

 

Balances at June 30, 2026

 

 

3,833,420

 

 

$

18.23

 

 

8.97

 

 

$

34,339

 

Vested and expected to vest at June 30, 2026

 

 

3,833,420

 

 

$

18.23

 

 

8.97

 

 

$

34,339

 

Exercisable at June 30, 2026

 

 

1,195,190

 

 

$

23.69

 

 

8.50

 

 

$

14,281

 

Summary of Restricted Stock Unit Award Transactions

Restricted stock unit award transactions during the six months ended June 30, 2026 were as follows:

 

 

 

 

 

 

 

Weighted Avg

 

 

 

 

 

 

 

Grant Date

 

 

 

 

Shares

 

 

Fair Value

 

Outstanding at December 31, 2025

 

 

 

47,237

 

 

$

 

25.58

 

Granted

 

 

 

576,071

 

 

$

 

26.20

 

Forfeited/Cancelled

 

 

 

 

 

$

 

 

Issued as Common Stock

 

 

 

(30,550

)

 

$

 

15.57

 

Outstanding at June 30, 2026

 

 

 

592,758

 

 

$

 

26.70

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,270

 

 

$

385

 

 

$

2,330

 

 

$

787

 

General and administrative

 

 

2,396

 

 

 

1,110

 

 

 

4,513

 

 

 

2,328

 

Total

 

$

3,666

 

 

$

1,495

 

 

$

6,843

 

 

$

3,115