v3.26.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Award Activity

The following is a summary of the Company’s stock option award activity under the 2024 Plan and 2026 Plan during the nine months ended September 30, 2026:

 

 

 

Number
of Stock
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2025

 

 

8,569,619

 

 

$

4.60

 

 

 

8.67

 

 

$

28,669

 

Granted

 

 

4,341,072

 

 

 

16.23

 

 

 

—

 

 

 

—

 

Exercised

 

 

(216,075

)

 

 

3.74

 

 

 

—

 

 

 

1,421

 

Forfeited

 

 

(392,741

)

 

 

5.87

 

 

 

—

 

 

 

—

 

Expired

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at September 30, 2026

 

 

12,301,875

 

 

$

8.68

 

 

 

8.34

 

 

$

199,000

 

Vested and expected to vest at September 30, 2026

 

 

12,301,875

 

 

$

8.68

 

 

 

8.34

 

 

$

199,000

 

Exercisable at September 30, 2026

 

 

8,929,753

 

 

$

8.40

 

 

 

8.19

 

 

$

147,005

 

Schedule of Ranges of Assumptions Used in Black-Scholes Option-Pricing Model The following table presents the ranges of assumptions used by the Company in the Black-Scholes option-pricing model during the nine months ended September 30, 2026 and 2025:

 

 

September 30,

 

2026

 

2025

Expected term (in years)

5.00 - 6.11 years

 

5.19 - 6.08 years

Risk-free interest rate

3.59% - 4.56%

 

3.93% - 4.08%

Volatility

90.34% - 94.53%

 

89.40% - 91.63%

Dividend yield

0.00%

 

0.00%

Summary of Restricted Stock Award Activity

The following is a summary of the Company’s restricted stock award activity during the nine months ended September 30, 2026:

 

 

 

Number
of Units

 

 

Weighted-
Average
Fair Value

 

Unvested at December 31, 2025

 

 

154,778

 

 

$

3.05

 

Vested

 

 

(154,778

)

 

 

3.05

 

Unvested at September 30, 2026

 

 

—

 

 

$

—

 

Schedule of Stock-Based Compensation Expense

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

$

953

 

 

$

610

 

 

$

2,742

 

 

$

1,697

 

General and administrative

 

1,495

 

 

 

1,175

 

 

 

39,138

 

 

 

3,463

 

Stock-based compensation expense

$

2,448

 

 

$

1,785

 

 

$

41,880

 

 

$

5,160