v3.26.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions used in Estimating Fair Value of Stock Options The assumptions used to determine the fair value of stock options granted were as follows:

 

September 30,
2026

 

 

September 30,
2025

 

Expected life of options (in years)

5.50 - 6.07

 

 

5.83 - 6.25

 

Risk-free interest rate

3.81 - 4.80%

 

 

3.67 - 4.42%

 

Expected volatility

92.7 - 101.4%

 

 

76.5 - 86.7%

 

Dividends

$

 

—

 

 

$

 

—

 

Fair value of common stock

$

20.73 - 46.25

 

 

$

15.79 - 35.14

 

Schedule of Share-Based Payment Arrangement, Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows (in thousands, except per share and contractual term data):

 

 

Options
Outstanding

 

 

Weighted
Average
Exercise
Price
Per Share

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value

 

Balance at December 31, 2025

 

 

2,588

 

 

$

15.77

 

 

 

9.46

 

 

$

17,235

 

Granted

 

 

981

 

 

 

27.91

 

 

 

 

 

 

 

Exercised

 

 

(4

)

 

 

15.00

 

 

 

 

 

 

 

Forfeited

 

 

(146

)

 

 

15.60

 

 

 

 

 

 

 

Balance at September 30, 2026

 

 

3,419

 

 

$

19.26

 

 

8.71

 

 

$

66,443

 

Options vested and expected to vest as of September 30, 2026

 

 

3,419

 

 

$

19.26

 

 

 

8.71

 

 

 

 

Options exercisable as of September 30, 2026

 

 

729

 

 

$

15.68

 

 

 

7.18

 

 

 

 

Schedule of Stock-Based Compensation

During the three and nine months ended September 30, 2026 and 2025, the Company recognized stock-based compensation expense related to stock options as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

763

 

 

$

113

 

 

$

3,130

 

 

$

357

 

General and administrative

 

 

2,870

 

 

 

767

 

 

 

7,969

 

 

 

1,490

 

Total stock-based compensation

 

$

3,633

 

 

$

880

 

 

$

11,099

 

 

$

1,847

 

Restricted Stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Share-Based Payment Arrangement, Stock Option Activity

A summary of the Company’s restricted stock activity is as follows:

 

 

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Unvested Balance at December 31, 2025

 

 

6,647

 

 

$

11.15

 

Granted

 

 

—

 

 

 

 

Vested

 

 

(6,624

)

 

 

12.15

 

Unvested balance as of September 30, 2026

 

 

23

 

 

$

23.15