v3.26.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2026:
Number of
Options
Weighted-Average
Exercise Price (2)
Outstanding – December 31, 20251
8,349,052$11.28 
Forfeited or canceled
(92,816)11.48 
Outstanding – September 30, 20268,256,236$11.27 
Exercisable – September 30, 20267,411,997$11.13 
(1) Share counts and per-share values at December 31, 2025 have been retroactively adjusted for the Exchange Ratio established in the Business Combination Agreement. As previously reported, 29,512,900 Options were outstanding at December 31, 2025 with a weighted-average exercise price of $3.19 per share.

(2) The Weighted-Average Exercise Price does not reflect the Repricing discussed below.
Schedule of RSU Activity
The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2026:
Number of RSUs Weighted-Average
Grant Date Fair Value
Per Share
Outstanding – December 31, 20253
4,093,826$12.65 
Vested / released(130,592)14.00
Forfeited or canceled(83,579)14.57
Outstanding – September 30, 20263,879,655$12.57
(3) Share counts and per-share values at December 31, 2025 have been retroactively adjusted for the exchange ratio of 0.282895 established in the Business Combination Agreement. As previously reported, 14,472,242 RSUs were outstanding at December 31, 2025 with a weighted-average grant date fair value of $3.58 per share.
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Stock-based compensation recognized as:2026202520262025
R&D expenses$11,023 $1,326 $13,599 $4,027 
G&A expenses30,921 1,505 33,982 3,818 
Total$41,944 $2,831 $47,581 $7,845