Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation In October 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Plan”), which became effective in connection with the Company’s IPO. The 2024 Plan provides for the grant of stock options, stock appreciation rights, restricted and unrestricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company. The 2024 Plan initially reserved 2,143,039 shares of common stock for the issuance of future awards and provided for an automatic annual increase in the number of shares of common stock reserved for future issuance by the lesser of (i) 5% of the number of shares of the Company’s common stock outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Board on or prior to such date for such year. As of September 30, 2026, there were 575,533 shares of common stock reserved and available for issuance pursuant to the 2024 Plan. In June 2026, in connection with the Company's 2026 annual meeting of stockholders, stockholders approved an amendment to the 2024 Plan that redefined common stock outstanding for the purposes of calculating the annual increase to the shares available for issuance under the 2024 Plan. Following the amendment, shares of common stock outstanding for this purpose include all outstanding shares of common stock as well as shares issuable upon exercise of outstanding pre-funded warrants. In June 2026, the Company adopted the 2026 Inducement Plan (the “Inducement Plan”), pursuant to which the Company may grant non-statutory stock options, stock appreciation rights, stock units, restricted stock units, performance awards, and other stock-based awards to individuals not previously an employee or director of the Company, or following a bona fide period of non-employment, as a material inducement to such individual entering into employment with the Company or any of its subsidiaries, in accordance with Nasdaq Listing Rule 5635(c)(4). The Company initially reserved 500,000 shares of common stock for issuance under the Inducement Plan. As of September 30, 2026, there were 453,000 shares of common stock reserved and available for issuance pursuant to the Inducement Plan. Awards granted under the 2024 Plan and the Inducement Plan expire no later than ten years from the date of grant. The exercise price of stock options shall not be less than 100% of the estimated fair value of the common stock on the date of grant, and stock options typically vest over a four-year period, although awards may be granted with different vesting terms. During the three and nine months ended September 30, 2026, the Company granted options for the purchase of 91,500 and 2,625,500 shares of common stock, respectively, which amounts include options granted under the 2024 Plan, the Inducement Plan and inducement grants made prior to the adoption of the Inducement Plan. The weighted-average assumptions used to estimate the fair value of the stock options granted during the nine months ended September 30, 2026 were as follows:
During the nine months ended September 30, 2026, the weighted average grant-date fair value of options granted was $3.52. During the nine months ended September 30, 2026, employees of the Company purchased an aggregate of 45,970 shares under the 2024 Employee Stock Purchase Plan. The following table presents the classification of stock-based compensation expense for the three and nine months ended September 30, 2026 and 2025 (in thousands):
The Company has an aggregate of $15.4 million of gross unrecognized stock-based compensation expense as of September 30, 2026, which is expected to be recognized over a weighted average period of 2.6 years.
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