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EQUITY COMPENSATION PLAN (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

A summary of the Company’s stock option activity under its 2024 Plan for the year ended December 31, 2025 is as follows (in thousands, except for per share data and years):

			Number of Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (In Years)						Aggregate Intrinsic Value
Outstanding as of December 31, 2024			3,660						$	15.84
Granted			378						$	17.86
Exercised			(102)						$	15.79
Forfeited			(435)						$	15.86
Outstanding as of December 31, 2025			3,501						$	16.06					8.5						$	220,342
Vested and exercisable as of December 31, 2025			1,295						$	15.84					8.3						$	81,773

Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The weighted-average assumptions used by the Company to estimate the fair value of stock options granted under the 2024 Plan using the Black-Scholes option pricing model, as well as the resulting weighted-average fair value, for the years ended December 31, 2025 and December 31, 2024 were as follows:

			YEAR ENDED DECEMBER 31,
			2025						2024
Risk-free interest rate			3.91		%				4.56		%
Expected volatility			86.58		%				86.32		%
Expected dividend yield			—		%				—		%
Expected term (in years)			5.98						6.06
Weighted average fair value			$	13.32					$	11.89

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for stock options under the 2024 Plan and 2017 Plan consisted of the following (in thousands):

			YEAR ENDED DECEMBER 31,
			2025						2024
Research and development			$	6,534					$	36,875
General and administrative			4,604						21,643
Total stock-based compensation expense			$	11,138					$	58,518

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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.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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.

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Tabular disclosure of the change in stock options.

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