Stock Option Plan (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Fair Values of Stock Options

The assumptions used to determine the fair values of stock options granted to employees, directors, and certain consultants are as follows:


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Risk-free interest rate		4.1 - 4.3%					4.1	%		4.0 - 4.1%					4.1	%
Expected life of options (in years)		5.6 - 6.1				5.9 - 6.1				5.6 - 6.1				5.9 - 6.1
Expected volatility of underlying stock		77.0 - 79.4%				66.3 - 66.6%				69.7 - 79.6%				66.3 - 66.6%
Fair value of underlying common stock		$7.93 - $12.97				$	3.08			$5.41-$10.48				$	3.08
Expected dividend yield			—	%			—	%			—	%			—	%

Summary of Stock Option Activity

The following table summarizes the stock option activity:


		Number of Stock Options				Weighted Average Exercise Price (per share)				Remaining Contractual Life (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025			4,088,900			$	4.92				8.20			$	444
Options granted			2,838,091				16.74
Options exercised			(6,035	)			3.12
Options forfeited			(63,011	)			5.91
Options expired			(4,324	)			4.62
Outstanding as of June 30, 2026			6,853,621			$	9.80				8.54				158,424
Options exercisable as of June 30, 2026			2,447,891			$	5.43				6.67			$	67,289

Summary of Stock-based Compensation Expense

Stock-based compensation expense recognized in the accompanying consolidated statements of comprehensive loss for the three and six months ended June 30, 2026 and 2025, included the following (in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
General and administrative		$	1,808			$	954			$	2,597			$	1,334
Research and development			982				174				1,386				337
Total		$	2,790			$	1,128			$	3,983			$	1,671