v3.26.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Schedule of the Black-Scholes Option-Pricing Model
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
     Nine Months Ended
September 30,
 
     2026     2025  
Dividend yield
     0.00 %      0.00 % 
Expected volatility
     28.8 %      36.2 % 
Risk-free interest rate
     4.1 %      4.1 % 
Expected term (years)
     5.9       5.7  
Schedule of Stock Option
A summary of stock option activity is as follows:
 
     Common
stock
options
     Weighted-
average
exercise
price
     Weighted-
average
remaining
contractual
term
(years)
     Aggregate
Intrinsic
Value
 
Outstanding - December 31, 2025
     718,094      $ 1.67        9.4     
Granted
     499,725      $ 7.26        
Exercised
     (11,679 )     $ 2.08        
Forfeited or expired
     (50,508 )     $ 2.08        
  
 
 
          
Outstanding - September 30, 2026
     1,155,632      $ 4.06        9.0      $ 23,293  
  
 
 
          
Exercisable - September 30, 2026
     508,338      $ 2.71        7.5      $ 10,934  
  
 
 
          
Schedule of Restricted Stock Award
A summary of restricted stock award activity for the nine months ended September 30, 2026, is as follows:
 
     Number of
Shares
     Weighted-
Average
Grant-Date
Fair Value
 
Nonvested - December 31, 2025
     108,517      $ —   
Granted
     505,098        27.50  
Vested
     (88,787 )       —   
Forfeited
     —         —   
  
 
 
    
 
 
 
Nonvested - September 30, 2026
     524,828      $ 26.46  
  
 
 
    
 
 
 
Schedule of Stock Based Compensation Expense
Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
 
     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2026      2025      2026      2025  
Research and development
   $ 26      $ —       $ 74      $ 38  
General and administrative
     111        29        354        47  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total stock-based compensation
   $ 137      $ 29      $ 428      $ 85