The Company’s share-based compensation plan, the 2024 Omnibus Incentive Plan, or the 2024 Plan, provides for the issuance of incentive stock options, restricted and unrestricted stock awards, and other stock-based awards. As of June 30, 2026, an aggregate of 4.0 million shares of common stock were authorized for issuance under the 2024 Plan, of which 0.3 million remained available for issuance.

The Company recognizes compensation costs related to stock-based awards, including stock options, based on the estimated fair value of the awards on the date of grant. The Company grants stock options with an exercise price equal to the fair market value of the Company’s stock on the date of the option grant. The stock options are generally subject to four-year vesting with a one-year cliff, or one-year vesting. All options have a contractual term of 10 years.

A summary of the Company’s stock option activity under its 2024 Plan for the six months ended June 30, 2026 is as follows (in thousands, except for per share data and years):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value



Outstanding as of December 31, 2025	3,501	$	16.06
Granted	110	$	110.60
Exercised	(131)	$	15.80
Forfeited	(43)	$	15.86
Outstanding as of June 30, 2026	3,437	$	19.10	8.1	$	261,696
Vested and exercisable as of June 30, 2026	1,657	$	15.67	7.9	$	131,003

The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2026 was $10.3 million. No stock options were exercised during the six months ended June 30, 2025. The total fair value of stock options vested during the six months ended June 30, 2026 and June 30, 2025 was $5.6 million and $11.9 million, respectively. The Company expects all outstanding stock options to vest.

The weighted-average assumptions used by the Company to estimate the fair value of stock option grants using the Black-Scholes option pricing model, as well as the resulting weighted-average fair value, for the six months ended June 30, 2026 and June 30, 2025 were as follows:


	SIX MONTHS ENDED JUNE 30,
	2026			2025
Risk-free interest rate	4.13		%	4.01		%
Expected volatility	84.23		%	86.26		%
Expected dividend yield	—		%	—		%
Expected term (in years)	5.76			5.95
Weighted average fair value	$	80.27		$	10.20


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Research and development	$	1,537	$	1,582	$	3,110	$	2,838
General and administrative	1,567		1,188		2,647		2,382
Total stock-based compensation expense	$	3,104	$	2,770	$	5,757	$	5,220

As of June 30, 2026, the Company had $28.4 million of total unrecognized stock-based compensation expense related to its stock options, which is expected to be recognized over a weighted-average period of 2.2 years.