v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of stock option granted using the Black-Scholes option-pricing mode and assumptions

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing model and the assumptions summarized in the following table:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

Expected volatility

 

89.70% - 90.12%

 

92.88%

 

89.70% - 90.15%

 

92.88% - 93.00%

Expected dividend yield

 

—

 

—

 

—

 

—

Expected term (in years)

 

5.50 - 6.25

 

6.25

 

5.50 - 6.25

 

6.25

Risk-free interest rate

 

3.98% - 4.29%

 

4.04%

 

3.70% - 4.29%

 

4.04%

Fair value of common stock

 

$4.09 - $20.00

 

$2.42

 

$3.14 - $20.00

 

$2.42
Schedule of stock option activity

The following table presents a summary of all stock option activity:

 

 

 

Shares

 

 

Weighted-
Average Exercise
Price per Share

 

 

Weighted-
Average Remaining Contractual Term (in years)

 

 

Aggregate Intrinsic Value (in thousands)

 

Outstanding at December 31, 2025

 

 

9,098,233

 

 

$

2.64

 

 

 

7.72

 

 

$

3,386

 

Granted

 

 

7,435,819

 

 

 

3.82

 

 

 

 

 

 

 

Exercised

 

 

(421,313

)

 

 

1.83

 

 

 

 

 

 

 

Canceled or forfeited

 

 

(424,184

)

 

 

2.18

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

15,688,555

 

 

$

3.23

 

 

 

8.36

 

 

$

378,796

 

Vested and expected to vest at June 30, 2026

 

 

15,688,555

 

 

$

3.23

 

 

 

8.36

 

 

$

378,796

 

Vested and exercisable at June 30, 2026

 

 

5,935,504

 

 

$

2.93

 

 

 

7.12

 

 

$

145,130

 
Schedule Of Stock-Based Compensation Expense

The following table presents the classification of stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

719

 

 

$

192

 

 

$

1,188

 

 

$

404

 

General and administrative

 

 

2,915

 

 

 

631

 

 

 

3,750

 

 

 

1,271

 

Total

 

$

3,634

 

 

$

823

 

 

$

4,938

 

 

$

1,675