v3.26.1
EQUITY COMPENSATION PLAN (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Activity
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 SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term
(In Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2025
3,501 $16.06 
Granted110 $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 
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value
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,
20262025
Risk-free interest rate4.13 %4.01 %
Expected volatility84.23 %86.26 %
Expected dividend yield— %— %
Expected term (in years)5.765.95
Weighted average fair value$80.27 $10.20 
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense consisted of the following (in thousands):
THREE MONTHS ENDED
JUNE 30,		SIX MONTHS ENDED JUNE 30,
2026202520262025
Research and development$1,537 $1,582 $3,110 $2,838 
General and administrative1,567 1,188 2,647 2,382 
Total stock-based compensation expense$3,104 $2,770 $5,757 $5,220