v3.26.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
Stock-Based Compensation  
Summary of stock option activity

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Options Outstanding and Exercisable

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Weighted

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Weighted

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Average

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Aggregate

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Average

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Remaining

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Intrinsic

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Number of

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Exercise

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Contractual

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Value(1)

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Shares

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Price

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Life (Years)

  ​ ​ ​

(in thousands)

Outstanding as of December 31, 2025

 

848,966

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$

73.76

 

6.5

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$

—

Granted

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174,500

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$

9.92

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—

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—

Exercised

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(2,488)

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$

5.76

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—

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—

Forfeitures

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(85,401)

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$

11.65

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—

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—

Outstanding as of September 30, 2026

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935,577

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$

67.71

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5.5

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48

Exercisable as of September 30, 2026

 

724,167

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$

84.32

 

5.6

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$

48

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at December 31, 2025 and September 30, 2026.
Summary of stock based compensation expense recorded

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

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(in thousands)

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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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$

25

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$

322

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$

261

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$

1,187

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General and administrative

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171

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278

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583

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1,364

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Total stock-based compensation expense

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$

196

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$

600

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$

844

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$

2,551

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Summary of assumptions used in the Black Scholes option pricing model for stock options granted

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Nine Months Ended

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September 30, 

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2026

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2025

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Expected term

 

6.0

years 

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6.0

years 

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Expected volatility

 

91.0

%

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90.5

%

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Risk free interest rate

 

3.9

%

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4.4

%

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Expected dividend yield

 

—

%

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—

%

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