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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense Recognized in Statements of Operations | The Company recognized total stock-based compensation expense for non-employees and employees in its statements of comprehensive loss as follows (in thousands):
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Research and development | $ | 2,225 |  | $ | 1,141 |  |  |  |  |
General and administrative | 3,633 |  |  | 2,310 |  |  |  |  |
Total | $ | 5,858 |  | $ | 3,451 |  |  |  |
Schedule of Weighted Average Assumptions | When utilizing the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted to employees or non-employees, we used the following weighted average assumptions:
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |
Risk-free interest rate |  | 3.7%-3.9% |  | 4.0%-4.4% |  |  |  |
Expected life (in years) |  | 6.1 |  | 6.1 |  |  |  |
Volatility |  | 94.1%-94.5% |  | 90.6%-90.8% |  |  |  |
Expected dividend rate |  | —% |  | —% |  |  |  |
Fair value of common stock |  | $12.60-$13.77 |  | $12.30-$12.70 |  |  |  |
Schedule of Stock Option Activity | A summary of options award activity for non-employees and employees of the Company is as follows:
| Shares |  | Weighted- Average Exercise Price |  | Weighted Average – Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (1) (in thousands)
Outstanding as of December 31, 2025 | 9,850,977 |  | $ | 9.03 |  |  |  |
Granted | 2,389,555 |  | 16.79 |  |  |  |
Exercised | (366,416) |  | 4.34 |  |  |  |
Canceled | — |  | — |  |  |  |
Outstanding as of March 31, 2026 | 11,874,116 |  | 10.74 |  | 8.56 |  | $ | 108,757
Exercisable as of March 31, 2026 | 3,349,637 |  | $ | 7.36 |  | 7.76 |  | $ | 42,004
Exercisable and expected to vest as of March 31, 2026 | 11,874,116 |  | $ | 10.74 |  |  | 8.56 |  |
(1)The aggregate intrinsic values is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock on March 31, 2026 for the options that were in the money.

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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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