v3.26.3
Stock-based compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)20262026
Research and development
$101 $291 
General and administrative604 1,227 
Total$705 $1,518 
Schedule of Stock Option Activity
The following is a summary of stock option activity under the 2025 Plan and the 2026 Stock Plan:
OptionsWeighted average exercise priceWeighted average remaining contractual term (years)Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2025— $— — $— 
Granted2,273,774 8.17 
Forfeited(70,256)6.19 
Outstanding as of September 30, 2026
2,203,518 8.23 9.532,694 
Exercisable as of September 30, 2026
439,098 $6.19 9.5$7,170 
Schedule of Stock Options, Estimated Fair Value The estimated fair value using the Black-Scholes option-pricing model was based on the following assumptions:
Three Months Ended September 30,Nine Months Ended September 30,
20262026
Risk-free interest rate4.45 %
3.89% - 4.45%
Expected term, years66
Expected volatility73.94 %
73.36% - 77.80%
Expected dividend yield— %— %