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

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

 

 

Number of
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding balance as of December 31, 2025

 

 

1,816,032

 

 

$

4.15

 

 

 

9.8

 

 

$

—

 

Granted

 

 

5,752,553

 

 

 

8.17

 

 

 

 

 

 

 

Forfeited

 

 

(291,477

)

 

 

6.53

 

 

 

 

 

 

 

Outstanding balance as of September 30, 2026

 

 

7,277,108

 

 

$

7.23

 

 

 

9.4

 

 

$

180,256

 

Vested and expected to vest, September 30, 2026

 

 

7,277,108

 

 

$

7.23

 

 

 

9.4

 

 

$

180,256

 

Exercisable as of September 30, 2026

 

 

591,224

 

 

$

4.68

 

 

 

7.6

 

 

$

16,154

 

Summary of RSA activity

The following table summarizes the RSA activity for the nine months ended September 30, 2026:

 

 

Number of
RSAs

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested balance as of December 31, 2025

 

 

207,400

 

 

$

2.73

 

Vested

 

 

(64,813

)

 

 

2.73

 

Unvested balance as of September 30, 2026

 

 

142,587

 

 

$

2.73

 

Schedule of Stock-Based Compensation Expense

Stock-Based Compensation Expense

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

 

 

Three Months Ended
September 30, 2026

 

 

Three Months Ended
September 30, 2025

 

 

Nine Months Ended
September 30, 2026

 

 

Nine Months Ended
September 30, 2025

 

Research and development

 

$

13,483

 

 

$

209

 

 

$

14,713

 

 

$

245

 

General and administrative

 

 

1,749

 

 

 

—

 

 

 

2,707

 

 

 

—

 

 

$

15,232

 

 

$

209

 

 

$

17,420

 

 

$

245

 

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

 

 

Three Months Ended
September 30, 2026

 

 

Three Months Ended
September 30, 2025

 

 

Nine Months Ended
September 30, 2026

 

 

Nine Months Ended
September 30, 2025

 

RSAs

 

$

35

 

 

$

10

 

 

$

105

 

 

$

46

 

Stock options

 

 

2,533

 

 

 

—

 

 

 

3,807

 

 

 

—

 

Parasa Warrant Obligation

 

 

12,664

 

 

 

199

 

 

 

13,508

 

 

 

199

 

 

$

15,232

 

 

$

209

 

 

$

17,420

 

 

$

245

 

Stock Option Valuation  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Assumptions Used in Calculating the Fair Value

The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the nine months ended September 30, 2026:

 

 

Nine Months Ended
September 30, 2026

 

Expected term (in years)

 

 

6.0

 

Expected volatility

 

 

86.5

%

Risk-free interest rate

 

 

4.2

%

Dividend yield

 

 

—

%

Parasa Warrant Obligation  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Assumptions Used in Calculating the Fair Value

The following table summarizes the assumptions used in calculating the fair value of the 2026 Parasa Warrant Obligation:

 

 

September 30,
2026

 

Expected term (years)

 

 

10.0

 

Expected volatility

 

 

97.2

%

Risk-free interest rate

 

 

5.3

%

Dividend yield

 

 

—

%