| Summary of Stock Options Activity |
The following table summarizes stock options activity, inclusive of early exercises, for the nine months ended September 30, 2026 (in thousands, except share, per share data and years):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Options |
|
|
Weighted
average
exercise price |
|
|
Weighted
average
remaining
contractual term |
|
|
Aggregate
Intrinsic value |
|
Outstanding at December 31, 2025 |
|
|
13,025,261 |
|
|
$ |
2.74 |
|
|
|
8.98 |
|
|
$ |
39,810 |
|
Granted |
|
|
14,683,439 |
|
|
|
9.19 |
|
|
|
|
|
|
|
Exercised |
|
|
(623,475 |
) |
|
|
2.30 |
|
|
|
|
|
|
|
Forfeited |
|
|
(1,031,577 |
) |
|
|
3.54 |
|
|
|
|
|
|
|
Expired |
|
|
(8,602 |
) |
|
|
2.35 |
|
|
|
|
|
|
|
Outstanding at September 30, 2026 |
|
|
26,045,046 |
|
|
$ |
6.36 |
|
|
|
8.90 |
|
|
$ |
222,801 |
|
Exercisable as of September 30, 2026 |
|
|
10,059,763 |
|
|
$ |
3.83 |
|
|
|
8.20 |
|
|
$ |
100,395 |
|
Vested and expected to vest at September 30, 2026 |
|
|
26,045,046 |
|
|
$ |
6.36 |
|
|
|
8.90 |
|
|
$ |
222,801 |
|
|
| Summary of Restricted Stock Awards Activity |
The following table summarizes restricted stock activity for the nine months ended September 30, 2026:
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of Restricted Stock Awards |
|
|
Weighted Average Grant date FV |
|
|
Shares of Restricted Stock Units |
|
|
Weighted Average Grant date FV |
|
Unvested restricted stock as of December 31, 2025 |
|
|
995,506 |
|
|
$ |
5.20 |
|
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
2,205,481 |
|
|
|
15.77 |
|
Vested |
|
|
(497,750 |
) |
|
|
5.20 |
|
|
|
(24,604 |
) |
|
|
9.42 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
(49,441 |
) |
|
|
16.00 |
|
Unvested restricted stock as of September 30, 2026 |
|
|
497,756 |
|
|
$ |
5.20 |
|
|
|
2,131,436 |
|
|
$ |
15.83 |
|
|
| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense was included in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development |
|
$ |
6,642 |
|
|
$ |
1,883 |
|
|
$ |
12,408 |
|
|
$ |
7,724 |
|
General and administrative |
|
|
10,336 |
|
|
|
2,082 |
|
|
|
21,623 |
|
|
|
17,830 |
|
Total stock-based compensation expense |
|
$ |
16,978 |
|
|
$ |
3,965 |
|
|
$ |
34,031 |
|
|
$ |
25,554 |
|
|