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

The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2026:

 

 

 

Stock Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of January 1, 2026

 

 

4,631,713

 

 

$

4.94

 

 

 

8.64

 

 

 

4,610

 

Granted

 

 

4,050,777

 

 

 

17.98

 

 

 

 

 

 

 

Forfeited

 

 

(135,921

)

 

 

11.92

 

 

 

 

 

 

 

Expired

 

 

(92,140

)

 

 

24.14

 

 

 

 

 

 

 

Exercised

 

 

(293,265

)

 

 

4.74

 

 

 

 

 

 

 

Outstanding as of September 30, 2026

 

 

8,161,164

 

 

$

11.09

 

 

 

8.84

 

 

$

91,634

 

Exercisable as of September 30, 2026

 

 

2,189,935

 

 

$

6.29

 

 

 

7.60

 

 

$

35,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Assumptions used in Estimating Fair Value of Stock Options

The following table presents, on a weighted-average basis, the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of the stock options granted during the nine months ended September 30, 2026:

 

 

 

September 30,

 

 

 

2026

 

Expected term (in years)

 

 

5.91

 

Risk-free interest rate

 

 

4.17

%

Expected volatility

 

 

103.66

%

Dividend yield

 

 

0

%

Summary of Restricted Stock Award Activity

The 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

 

Unvested as of January 1, 2026

 

 

166,550

 

 

$

13.60

 

Vested

 

 

(39,725

)

 

 

15.44

 

Unvested as of September 30, 2026

 

 

126,825

 

 

$

13.02

 

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense included in operating expenses for the periods presented:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

2,265

 

 

$

1,215

 

 

$

4,361

 

 

$

3,231

 

General and administrative

 

 

5,673

 

 

 

3,679

 

 

 

11,835

 

 

 

8,350

 

Total

 

$

7,938

 

 

$

4,894

 

 

$

16,196

 

 

$

11,581