COMMON STOCK (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Black-Scholes Option Pricing Model Weighted-Average Assumptions

The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following assumptions:


	Initial Placement Underwriters' Warrants		Over-allotment Exercise Underwriters' Warrants
Risk-free interest rate	3.94	%	3.96	%
Expected term	5 years		4.96 years
Volatility of common stock	78.83	%	78.94	%
Expected dividend rate	—	%	—	%

The following table summarizes the weighted-average assumptions used in the Black-Scholes option pricing model for stock options granted during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Risk-free interest rate	4.26 %	3.87 %	4.19 %	3.87 %
Expected term	6.08 years	5.99 years	6.01 years	5.99 years
Volatility of common stock	76.0 %	78.2 %	76.2 %	78.2 %
Expected dividend rate	— %	— %	— %	— %
Fair value per share of common stock	$6.90	$2.00	$6.63	$2.00

Common Stock Reserved for Future Issuance


	June 30, 2026	December 31, 2025

Exercises of stock options under 2005 Plan	1,335,559	1,627,097
Exercises of stock options under 2025 Plan	2,398,709	348,551
Restricted Stock Units under 2025 Plan	12,138	—
Exercises of warrants	168,898	168,898

Reserved for future grants under 2025 Plan	3,638,505	3,838,331
Total reserved shares of common stock	7,553,809	5,982,877