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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Restricted Stock Award Activity

The following summarizes restricted stock award activity:

 

 

Number of
Shares
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value
Per Share

 

Balance at December 31, 2024

 

 

576,829

 

 

$

2.62

 

Restricted stock awards vested

 

 

(442,993

)

 

 

2.85

 

Restricted stock awards repurchased

 

 

(2,612

)

 

 

3.30

 

Balance at December 31, 2025

 

 

131,224

 

 

 

1.81

 

Summary of Weighted Average Assumptions used for Grants Awards

The weighted-average assumptions used to value employee and non-employee stock option awards granted during the years ended December 31, 2025 and 2024, using the Black-Scholes option pricing model, were as follows:

 

 

Years Ended December 31,

 

2025

 

 

 

2024

 

 

Risk-free interest rate

 

 

3.98

 

%

 

 

3.83

 

%

Expected volatility

 

 

92.1

 

%

 

 

91.1

 

%

Expected term (years)

 

 

5.97

 

 

 

 

6.03

 

 

Expected dividend yield

 

 

%

 

 

%

The weighted-average assumptions used to value employee stock purchase plan shares granted during the year ended December 31, 2025, using the Black-Scholes option pricing model, were as follows:

 

 

Year Ended December 31,

 

2025

Risk-free interest rate

 

 

3.82

 

%

Expected volatility

 

 

86.53

 

%

Expected term (years)

 

 

1.22

 

 

Expected dividend yield

 

 

%

 

Summary of Stock Based Compensation Expense For Restricted Stock Awards, Stock Options and ESPP

Stock-based compensation expense for restricted stock awards, stock options, and ESPP recognized in the Company’s statements of operations and comprehensive loss is presented as follows (in thousands):

 

 

Years Ended December 31,

 

 

2025

 

 

2024

 

Research and development expense

 

$

4,087

 

 

$

1,619

 

General and administrative expense

 

 

4,389

 

 

 

1,533

 

Total stock-based compensation expense

 

$

8,476

 

 

$

3,152

 

2024 Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Stock Options Activity

The following summarizes stock option activity under the 2024 Plan:

 

 

Options Outstanding

 

 

Total
Options
Outstanding

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2024

 

 

2,938,982

 

 

$

4.64

 

 

 

9.11

 

 

$

53,706

 

Granted

 

 

1,914,914

 

 

 

12.44

 

 

 

 

 

 

 

Exercised

 

 

(268,188

)

 

 

3.66

 

 

 

 

 

 

 

Cancelled

 

 

(207,224

)

 

 

7.70

 

 

 

 

 

 

 

Outstanding as of December 31, 2025

 

 

4,378,484

 

 

 

7.97

 

 

 

8.79

 

 

 

87,194

 

Exercisable as of December 31, 2025

 

 

1,096,087

 

 

 

4.60

 

 

 

8.19

 

 

 

25,516