v3.26.1
Stock-Based Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based payment award, stock options, valuation assumptions Weighted-average grant date fair value assumptions were based on the following:
Six months ended
June 30,
20262025
Exercise price$17.35$3.86
Fair value of common stock$17.35$3.86
Expected term (in years)6.16.0
Volatility91.9%88.5%
Risk-free rate3.9%4.2%
Dividend yield0.0%0.0%
Disclosure of share-based compensation arrangements by share-based payment award
The table below summarizes activity related to stock options subject only to service-based vesting conditions (in thousands, except per share amounts):
Shares
Weighted-
average
exercise
price per share (1)
Weighted –
average
remaining
contractual
term (in
years)
Aggregate
intrinsic
value (1)
Outstanding, December 31, 20254,950$7.287.9$52,078
Granted1,94517.34
Exercised(45)1.801,114
Forfeited and cancelled(93)10.08
Outstanding, June 30, 20266,757$7.127.9$130,241
Exercisable at June 30, 20263,046$2.906.8$71,548
(1) Since the reporting period covered by the table above is before the expiration of the aforementioned retention period and any employees who exercised their repriced stock options during the reporting period, with certain exceptions, would have to pay the original exercise price, the weighted average exercise price and intrinsic value in the table above does not reflect the effect of repricing.
Share-based payment arrangement, restricted stock unit, activity
The table below summarizes activity related to RSUs subject only to service-based vesting conditions (in thousands, except per share amounts):

SharesWeighted-average
grant date fair value per share
Outstanding, December 31, 202527 $14.88
Granted— —
Vested
(27)14.88
Forfeited and cancelled— —
Outstanding, June 30, 2026— $—
Share-based payment arrangement, cost by plan
Non-cash stock-based compensation expense recognized in the accompanying condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
Research and development
$1,932$1,018$3,456$2,000
General and administrative
1,6229872,9221,973
Total stock-based compensation expense
$3,554$2,005$6,378$3,973