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

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

 

 

Common

 

 

Weighted

 

 

Weighted

 

 

 

Shares

 

 

Average

 

 

Average

 

 

 

Underlying

 

 

Exercise

 

 

Remaining

 

 

 

Stock

 

 

Price per

 

 

Contractual

 

 

 

Options

 

 

Share

 

 

Life (in years)

 

Outstanding at December 31, 2025

 

 

2,917,143

 

 

$

20.69

 

 

 

8.5

 

Granted

 

 

662,409

 

 

 

98.23

 

 

 

 

Exercised

 

 

(213,205

)

 

 

12.52

 

 

 

 

Forfeited / Cancelled

 

 

(21,429

)

 

 

139.99

 

 

 

 

Outstanding at September 30, 2026

 

 

3,344,918

 

 

$

35.80

 

 

 

8.3

 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2026

 

 

1,284,205

 

 

$

17.48

 

 

 

7.7

 

Schedule of Stock-based Compensation Expense Recognized

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025 is as follows (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,855

 

 

$

573

 

 

$

5,057

 

 

$

1,473

 

General and administrative

 

 

3,561

 

 

 

1,217

 

 

 

8,890

 

 

 

2,844

 

Total stock-based compensation expense

 

$

5,416

 

 

$

1,790

 

 

$

13,947

 

 

$

4,317

 

Schedule of Weighted Average Fair Value of Stock Options Granted

The weighted average fair value of stock options granted during the nine months ended September 30, 2026 was $67.03 per share which was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

Expected volatility

 

71.06% - 76.17%

 

Risk-free interest rate

 

3.05% - 5.11%

 

Expected term (years)

 

5.50 - 6.08

 

Expected dividend yield

 

 

—

 

Summary of Restricted Stock Units activities

The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

 

 

 

Fair Value

 

 

 

Shares

 

 

(per share)

 

Outstanding PSU and RSU Grants at December 31, 2025

 

 

-

 

 

$

-

 

PSUs Granted

 

 

13,000

 

 

$

119.86

 

RSUs Granted

 

 

19,418

 

 

$

145.24

 

PSUs Released (1)

 

 

(6,500

)

 

$

119.86

 

PSUs Cancelled

 

 

-

 

 

$

-

 

RSUs Cancelled

 

 

-

 

 

$

-

 

Outstanding PSU and RSU Grants at September 30, 2026

 

 

25,918

 

 

$

138.88

 

(1)Amount includes 6,500 PSU awards (4,605 shares, net of employee tax withholdings, paid in shares) that vested based on the achievement of performance goals during the performance period ended September 30, 2026.