v3.26.3
Stock-Based Compensation (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2026
Dec. 31, 2025
Stock-Based Compensation [Abstract]    
Schedule of Stock Options for Activity

The following table is a summary of activity for stock options for the nine months ended September 30, 2026 (in thousands, except share and per share amounts):

 

Number of
Options

  

Weighted
Average
Exercise
Price

  

Weighted
Average
Remaining
Contractual
Term (In Years)

  

Aggregate
Intrinsic
Value

Outstanding as of January 1, 2026

  

3,307,849

 

  

$

1.45

  

6.16

  

$

37,188

Granted

  

—

 

  

 

        

 

  

Exercised

  

(85,271

)

  

$

1.06

      

$

2,166

Forfeited

  

(3,305

)

  

 

1.69

      

 

  

Outstanding as of September 30, 2026

  

3,219,273

 

  

$

1.46

  

5.40

  

$

109,044

Exercisable or vested as of September 30, 2026

  

1,972,925

 

  

$

1.29

  

4.92

  

$

67,152

Expected to vest as of September 30, 2026

  

1,246,348

 

  

$

1.72

  

6.18

  

$

41,892

The following table is a summary of activity for stock options for the year ended December 31, 2025 (in thousands, except share and per share amounts):

 

Number of
Options

  

Weighted
Average
Exercise Price

  

Weighted
Average
Remaining
Contractual
Term (In Years)

  

Aggregate
Intrinsic Value

Outstanding as of January 1, 2025

  

1,617,266

 

  

$

1.10

  

6.21

  

$

1,539

Granted

  

1,949,286

 

  

 

1.70

      

 

  

Exercised

  

(93,455

)

  

 

0.95

      

 

  

Forfeited

  

(165,248

)

  

 

1.28

      

 

  

Outstanding as of December 31, 2025

  

3,307,849

 

  

$

1.45

  

6.16

  

$

37,188

Unvested as of December 31, 2025

  

1,489,339

 

  

$

1.71

  

7.09

  

$

16,347

Exercisable or vested as of December 31, 2025

  

1,818,510

 

  

$

1.23

  

5.39

  

$

20,841
Schedule of Activity of the Restricted Common Stock

A summary of the activity of the restricted common stock under the Plan during the nine months ended September 30, 2026 is as follows:

 

Number of
Shares

  

Weighted
Average
Grant Date
Fair Value

Unvested as of January 1, 2026

  

329,104

 

  

$

10.60

Granted

  

543,488

 

  

 

20.41

Vested

  

(82,276

)

  

 

10.60

Forfeited

  

(31,990

)

  

 

27.27

Unvested as of September 30, 2026

  

758,326

 

  

$

16.93

A summary of the activity of the restricted common stock under the Plan during the year ended December 31, 2025 is as follows:

 

Number of
Shares

  

Weighted
Average Grant
Date Fair Value

Unvested as of January 1, 2025

  

—

  

$

—

Granted

  

329,104

  

 

10.60

Vested

  

—

  

 

—

Unvested as of December 31, 2025

  

329,104

  

$

10.60
Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the nine months ended September 30, 2026 and 2025 consisted of the following (in thousands):

 

Nine Months Ended
September 30,
   

2026

  

2025

Research and development

  

$

490

  

$

1,247

Selling, general, and administrative

  

$

931

  

 

356

Total stock-based compensation expense

  

$

1,421

  

$

1,603

Stock-based compensation expense for the years ended December 31, 2025 and 2024, respectively, consisted of the following (in thousands):

 

Year Ended December 31,
   

2025

  

2024

Research and development

  

$

1,416

  

$

224

Selling, general, and administrative

  

 

525

  

 

159

Total stock-based compensation expense

  

$

1,941

  

$

383
Schedule of Fair Value of Stock Options  

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The assumptions used to estimate the fair value of stock options granted under the Plan for the periods below are as follows:

 

Year Ended December 31,
   

2025

  

2024

Weighted average expected volatility

  

 

72.86%

  

 

43.47%

Weighted average expected term in years

  

 

4.23   

  

 

5.62   

Risk-free interest rate

  

 

3.91 – 4.36%

  

 

4.29% – 4.30%

Expected dividend yield

  

 

0%

  

 

0%

Fair value of common stock

  

$

3.83   

  

$

2.05