v3.26.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of the Company's stock option activity

A summary of the Company’s stock option activity and related information is as follows:

 

 

Options Outstanding

 

 

 

Number
of Options

 

 

Weighted Average
 Exercise
Price

 

 

Weighted Average Remaining Contractual Term
 (in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Options outstanding - December 31, 2025

 

 

2,714,651

 

 

$

15.54

 

 

 

8.52

 

 

$

22

 

Granted

 

 

2,741,525

 

 

 

4.11

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Expired

 

 

(40,530

)

 

 

14.85

 

 

 

 

 

 

 

Forfeited

 

 

(106,632

)

 

 

8.25

 

 

 

 

 

 

 

Options outstanding - September 30, 2026

 

 

5,309,014

 

 

$

9.79

 

 

 

8.71

 

 

$

14

 

Options exercisable - September 30, 2026

 

 

1,745,847

 

 

$

16.02

 

 

 

7.68

 

 

$

13

 
Summary of PSU activities

The following table summarizes PSU activities during the nine months ended September 30, 2026:

 

 

Number
of Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested balance as of December 31, 2025

 

 

—

 

 

$

—

 

Granted

 

 

759,175

 

 

 

4.14

 

Vested and released

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

PSUs outstanding - September 30, 2026

 

 

759,175

 

 

$

4.14

 

Unvested balance as of September 30, 2026

 

 

759,175

 

 

$

4.14

 
As of September 30, 2026, the Company concluded that achievement of the performance conditions associated with each of the four PSU tranches was not probable.
Summary of RSUs activities

RSUs vest based on the occurrence of, and service through, a liquidity event, both of which were satisfied upon completion of the Merger, plus a service requirement. The following table summarizes RSU activities during the nine months ended September 30, 2026:

 

 

 

 

 

 

Number
of Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested balance as of December 31, 2025

 

 

41,376

 

 

$

22.89

 

Granted

 

 

—

 

 

 

—

 

Vested and released

 

 

(23,216

)

 

 

22.89

 

Forfeited

 

 

(4,581

)

 

 

22.89

 

RSUs outstanding - September 30, 2026

 

 

13,579

 

 

$

22.89

 

Unvested balance as of September 30, 2026

 

 

13,579

 

 

$

22.89

 
Summary of Non-cash stock-based compensation expense recorded

The following table shows the allocation of share-based compensation expense related to the Company’s employee and non-employee share-based awards (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

$

1,590

 

 

$

1,431

 

 

$

4,301

 

 

$

4,158

 

General and administrative

 

1,902

 

 

 

1,530

 

 

 

5,020

 

 

 

4,456

 

Total

$

3,492

 

 

$

2,961

 

 

$

9,321

 

 

$

8,614