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v3.26.1

Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
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, 2025, subject to repurchase |  |  | 131,224 |  |  | $ | 1.81 |
Restricted stock awards vested |  |  | (55,977 | ) |  |  | 1.87 |
Balance at March 31, 2026, subject to repurchase |  |  | 75,247 |  |  |  | 1.75 |
Schedule of Stock Options Activity | The following summarizes stock option activity under the Stock Plans and the Inducement Plan:
|  | Stock Options Outstanding |
|  | Total Stock Options Outstanding |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Outstanding as of December 31, 2025 |  |  | 4,378,484 |  |  | $ | 7.97 |  |  |  | 8.79 |  |  | $ | 87,194 |
Granted |  |  | 2,074,850 |  |  |  | 25.44 |  |  |  |  |  |  |
Exercised |  |  | (110,300 | ) |  |  | 3.04 |  |  |  |  |  |  |
Cancelled |  |  | (47,564 | ) |  |  | 18.31 |  |  |  |  |  |  |
Outstanding as of March 31, 2026 |  |  | 6,295,470 |  |  |  | 13.73 |  |  |  | 8.92 |  |  |  | 67,796 |
Exercisable as of March 31, 2026 |  |  | 1,431,786 |  |  | $ | 6.69 |  |  |  | 7.96 |  |  | $ | 24,935 |
Summary of Weighted Average Assumptions used for Grants Awards | The weighted-average assumptions used to value employee and non-employee stock option awards granted under the Stock Plans and the Inducement Plan using the Black Scholes option pricing model, were as follows:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Fair value of common stock |  | $ | 20.10 |  |  | $ | 9.32 |
Risk-free interest rate |  |  | 3.88 | % |  |  | 4.35 | %
Expected volatility |  |  | 96.3 | % |  |  | 88.6 | %
Expected term (years) |  |  | 6.05 |  |  |  | 5.99 |
Expected dividend yield |  | —% |  |  | —% |
Summary Of Stock Based Compensation Expense For Restricted Stock Awards And Stock Options | Stock-based compensation expense for restricted stock awards and stock options recognized in the Company’s condensed statements of operations and comprehensive loss is presented as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development expense |  | $ | 2,440 |  |  | $ | 662 |
General and administrative expense |  |  | 3,575 |  |  |  | 820 |
Total stock-based compensation expense |  | $ | 6,015 |  |  | $ | 1,482 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Line items represent financial concepts included in a table. 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