v3.26.1
Equity Compensation Plan (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity A summary of the activity related to stock option awards during the six months ended June 30, 2026 is as follows:

 

Shares
Subject to
Options

 

 

Weighted-
Average
Exercise Price
per Share

 

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value (in
thousands)

 

Outstanding at April 20, 2026(1)

 

 

6,641,885

 

 

$

6.81

 

 

 

7.14

 

 

$

78,934

 

Granted

 

 

1,383,690

 

 

$

17.85

 

 

 

 

 

 

 

Exercises

 

 

(440,896

)

 

$

5.88

 

 

 

 

 

 

 

Forfeitures and cancellations

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

7,584,679

 

 

$

8.88

 

 

 

7.55

 

 

$

85,742

 

Exercisable at June 30, 2026

 

 

3,708,578

 

 

$

7.02

 

 

 

6.15

 

 

$

49,037

 
(1)
As part of the Spin-Off, 6,641,885 substitute options were issued related to options from the AnaptysBio Equity Plan.

Total cash received from the exercise of stock options was approximately $2.1 million during the six months ended June 30, 2026.
Summary of Restricted Stock Units Activity The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued.

 

Number of
Restricted
Stock Units

 

 

Weighted-
Average
Grant Date
Fair Value

 

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value (in
thousands)

 

Outstanding at April 20, 2026(1)

 

 

1,514,446

 

 

$

17.62

 

 

 

1.59

 

 

$

28,169

 

Granted

 

 

598,820

 

 

$

17.75

 

 

 

 

 

 

 

Released

 

 

(57,402

)

 

$

12.95

 

 

 

 

 

 

 

Forfeitures and cancellations

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

2,055,864

 

 

$

17.79

 

 

 

1.65

 

 

$

41,364

 

RSU expected to vest at June 30, 2026

 

 

2,055,864

 

 

$

17.79

 

 

 

1.65

 

 

$

41,364

 
(1)
As part of the Spin-Off, 1,514,446 substitute awards were issued related to awards from the AnaptysBio Equity Plan.
Summary of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:

 

 

Six Months Ended
June 30,

 

 

2026

 

Volatility of common stock

 

 

59.0

%

Risk-free interest rate

 

 

4.1

%

Contract term (in years)

 

 

3.9

 
Summary of activity performance stock units The following table presents a summary of activity with respect to our PSUs:

 

 

Number of Performance
Stock Units

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Weighted-Average Remaining Contractual Term (in years)

 

Outstanding at April 20, 2026(1)

 

 

1,109,394

 

 

$

6.07

 

 

 

2.22

 

Granted

 

 

—

 

 

$

—

 

 

 

 

Released

 

 

—

 

 

$

—

 

 

 

 

Forfeitures

 

 

—

 

 

$

—

 

 

 

 

Outstanding at June 30, 2026

 

 

1,109,394

 

 

$

6.07

 

 

 

2.03

 

 

(1)
As part of the Spin-Off, 1,109,394 substitute awards were issued related to awards from the AnaptysBio Equity Plan.
Summary of Estimated Fair Values of Stock Option Awards Granted The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

4.3

%

 

 

4.5

%

Expected volatility

 

 

83.3

%

 

 

81.8

%

Expected dividend yield

 

 

—

 

 

 

—

 

Expected term (in years)

 

 

6.78

 

 

 

6.35

 

Weighted average grant date fair value per share

 

$

13.57

 

 

$

10.95

 

 
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense under AnaptysBio’s 2017 Plan allocated to us and included within our statements of operations consisted of the following (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

734

 

 

$

9,058

 

 

$

5,280

 

 

$

4,620

 

General and administrative

 

 

738

 

 

 

6,344

 

 

 

7,695

 

 

 

3,036

 

Total

 

$

1,472

 

 

$

15,402

 

 

$

12,975

 

 

$

7,656

 

Stock-based compensation expense under the First Tracks Equity Plan that was recognized in the statements of operations and comprehensive loss is as follows:

 

Three Months Ended
June 30,

 

(in thousands)

 

2026

 

Research and development

 

$

3,596

 

General and administrative

 

 

3,251

 

Total

 

$

6,847