v3.26.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of New Options Granted The weighted-average assumptions used principally in determining the fair value of new options granted during the periods presented were as follows:

 

 

Nine months ended September 30,

 

 

 

2026

 

 

2025

 

Expected term (in years)

 

 

6.0

 

 

 

6.1

 

Expected volatility

 

 

101.5

%

 

 

98.1

%

Risk-free interest rate

 

 

4.1

%

 

 

3.9

%

Dividend yield

 

 

—

 

 

 

—

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,081

 

 

$

491

 

 

$

2,496

 

 

$

2,132

 

General and administrative

 

 

8,861

 

 

 

7,538

 

 

 

25,715

 

 

 

9,674

 

Total stock-based compensation expense

 

$

9,942

 

 

$

8,029

 

 

$

28,211

 

 

$

11,806