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 RSUs Related to Employees, Directors and Nonemployees

Activity during the nine months ended September 30, 2026 in RSUs related to employees and directors was as follows:

 

Number of Shares

 

 

Weighted-Average Grant Date
Fair Value

 

Unvested Balance—December 31, 2025

 

 

736,610

 

 

$

6.48

 

Granted

 

 

357,739

 

 

 

16.76

 

Vested

 

 

(711,871

)

 

 

6.57

 

Forfeited

 

 

(29,002

)

 

 

8.07

 

Unvested Balance—September 30, 2026

 

 

353,476

 

 

$

16.75

 

Activity during the nine months ended September 30, 2026 in RSUs related to nonemployees was as follows:

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested Balance—December 31, 2025

 

 

180,988

 

 

$

6.44

 

Granted

 

 

5,000

 

 

 

14.70

 

Vested

 

 

(165,988

)

 

 

6.44

 

Forfeited

 

 

(15,000

)

 

 

6.42

 

Unvested Balance—September 30, 2026

 

 

5,000

 

 

$

14.70

 
Summary of Activity of PSU's

Activity during the nine months ended September 30, 2026 in PSUs was as follows:

 

Number of Shares

 

 

Weighted-Average Grant Date
Fair Value

 

Unvested Balance—December 31, 2025

 

 

—

 

 

$

—

 

Granted

 

 

420,000

 

 

 

12.14

 

Vested

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

Unvested Balance—September 30, 2026

 

 

420,000

 

 

$

12.14

 
Summary of Stock-based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations was as follows:

 

For the Three Months Ended September 30,

 

 

 

2026

 

 

2025

 

General and administrative expenses:

 

 

 

 

 

 

Stock-Based Compensation Expense — Directors

 

$

669

 

 

$

385

 

Stock-Based Compensation Expense — Employees

 

 

1,146

 

 

 

139

 

Stock-Based Compensation Expense — Consultants

 

 

143

 

 

 

1,292

 

Total stock-based compensation expense

 

$

1,958

 

 

$

1,816

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

General and administrative expenses:

 

 

 

 

 

 

Stock-Based Compensation Expense — Directors

 

$

2,140

 

 

$

385

 

Stock-Based Compensation Expense — Employees

 

 

5,793

 

 

 

139

 

Stock-Based Compensation Expense — Consultants

 

 

1,111

 

 

 

1,292

 

Total stock-based compensation expense

 

$

9,044

 

 

$

1,816

 
IPO  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions used to Estimate the Fair Value

The following table summarizes the assumptions used in the IPO scenario to estimate the fair value of the RSUs granted prior to the IPO:

Expected IPO Date

 

5/8/2026

Expected IPO Price per Share

 

$19.00

Discount for Lack of Marketability

 

7.0%

Probability of Occurring

 

85.0%
Option Pricing Model  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions used to Estimate the Fair Value

The following table summarizes the assumptions used in the OPM to estimate the fair value of the RSUs granted prior to the IPO:

Expected term (in years)

 

0.75

Expected Volatility

 

129%

Risk-free interest rate

 

3.68%

Expected dividend yield

 

0%

Discount for Lack of Marketability

 

20.0%