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

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

 

 

Number of
options

 

 

Weighted-
average
exercise
price

 

 

Weighted-
average
remaining
contractual
term
(years)

 

Aggregate
intrinsic
value
(in thousands)

 

Outstanding as of December 31, 2025

 

 

13,470,409

 

 

$

6.20

 

 

9.17

 

$

52,398

 

Granted

 

 

6,741,274

 

 

 

15.34

 

 

 

 

 

 

Exercised

 

 

(146,869

)

 

 

5.30

 

 

 

 

 

 

Cancelled or forfeited

 

 

(914,695

)

 

 

8.38

 

 

 

 

 

 

Outstanding as of September 30, 2026

 

 

19,150,119

 

 

$

9.32

 

 

8.83

 

$

67,099

 

Exercisable at September 30, 2026

 

 

3,895,203

 

 

$

5.37

 

 

7.72

 

$

23,557

 

Schedule of Stock Option Valuation Assumptions The assumptions that the Company used to determine the grant-date fair value of stock options granted during the three and nine months ended September 30, 2026 and 2025 were as follows, presented on a weighted-average basis:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Expected option life (years)

 

 

6.1

 

 

 

6.0

 

 

 

6.0

 

 

 

6.1

 

Risk-free interest rate

 

 

4.5

%

 

 

4.0

%

 

 

4.0

%

 

 

4.1

%

Expected volatility

 

 

80.2

%

 

 

80.4

%

 

 

81.1

%

 

 

78.4

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was allocated as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

2,952

 

 

$

291

 

 

$

6,353

 

 

$

787

 

General and administrative

 

 

6,969

 

 

 

3,978

 

 

 

15,851

 

 

 

6,636

 

Total stock-based compensation expense

 

$

9,921

 

 

$

4,269

 

 

$

22,204

 

 

$

7,423