Stock-Based Compensation (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2026 |
Dec. 31, 2025 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] |
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| Schedule of the Black-Scholes Option-Pricing Model |
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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Dividend yield |
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0.00 |
% |
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0.00 |
% |
Expected volatility |
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28.8 |
% |
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36.2 |
% |
Risk-free interest rate |
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4.1 |
% |
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4.1 |
% |
Expected term (years) |
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5.9 |
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5.7 |
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The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
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Year Ended December 31, |
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2025 |
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2024 |
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Dividend yield |
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0.00 |
% |
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0.00 |
% |
Expected volatility |
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34.9 |
% |
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39.7 |
% |
Risk-free interest rate |
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4.1 |
% |
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4.2 |
% |
Expected term (years) |
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5.7 |
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6.9 |
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| Schedule of Stock Option |
A summary of stock option activity is as follows:
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Common
stock
options |
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Weighted-
average
exercise
price |
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Weighted-
average
remaining
contractual
term
(years) |
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Aggregate
Intrinsic
Value |
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Outstanding - December 31, 2025 |
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718,094 |
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$ |
1.67 |
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9.4 |
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Granted |
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499,725 |
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$ |
7.26 |
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Exercised |
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(11,679 |
) |
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$ |
2.08 |
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Forfeited or expired |
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(50,508 |
) |
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$ |
2.08 |
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Outstanding - September 30, 2026 |
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1,155,632 |
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$ |
4.06 |
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9.0 |
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$ |
23,293 |
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Exercisable - September 30, 2026 |
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508,338 |
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$ |
2.71 |
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7.5 |
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$ |
10,934 |
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A summary of stock option activity is as follows:
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Common stock
options |
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Weighted-average
exercise price |
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Weighted-average
remaining
contractual term
(years) |
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Aggregate Intrinsic
Value |
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Outstanding - December 31, 2023 |
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400,922 |
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$ |
0.73 |
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9.4 |
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Granted |
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342,520 |
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$ |
2.07 |
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Exercised |
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(6,314 |
) |
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$ |
0.00 |
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Forfeited / expired |
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(56,824 |
) |
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$ |
1.62 |
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Outstanding - December 31, 2024 |
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680,304 |
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$ |
1.35 |
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10.0 |
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Granted |
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166,051 |
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$ |
2.09 |
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Exercised |
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(4,923 |
) |
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$ |
2.07 |
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Forfeited |
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(123,338 |
) |
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$ |
0.44 |
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Outstanding - December 31, 2025 |
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718,094 |
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$ |
1.67 |
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9.4 |
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$ |
304,006 |
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Exercisable - December 31, 2025 |
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328,849 |
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$ |
1.33 |
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7.94 |
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$ |
251,094 |
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| Schedule of Restricted Stock Award |
A summary of restricted stock award activity for the nine months ended September 30, 2026, is as follows:
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Number of
Shares |
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Weighted-
Average
Grant-Date
Fair Value |
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Nonvested - December 31, 2025 |
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108,517 |
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$ |
— |
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Granted |
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505,098 |
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27.50 |
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Vested |
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(88,787 |
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— |
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Forfeited |
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— |
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— |
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Nonvested - September 30, 2026 |
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524,828 |
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$ |
26.46 |
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A summary of restricted stock award activity for the year ended December 31, 2025 is as follows:
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Number of Shares |
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Weighted-Average
Grant-Date Fair
Value |
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Nonvested - January 1, 2025 |
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226,899 |
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$ |
0.0002 |
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Vested |
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(118,382 |
) |
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$ |
0.0002 |
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Nonvested - December 31, 2025 |
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108,517 |
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$ |
0.0002 |
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| Schedule of Stock Based Compensation Expense |
Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development |
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$ |
26 |
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$ |
— |
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$ |
74 |
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$ |
38 |
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General and administrative |
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111 |
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29 |
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354 |
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47 |
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Total stock-based compensation |
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$ |
137 |
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$ |
29 |
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$ |
428 |
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$ |
85 |
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Stock based compensation expense is included in the consolidated statements of operations and comprehensive loss as follows:
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Years Ended December 31, |
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2025 |
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2024 |
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Research and development |
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81,015 |
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$ |
68,281 |
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General and administrative |
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43,832 |
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27,732 |
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Total stock-based compensation |
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$ |
124,847 |
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$ |
96,013 |
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