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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2026:

		Options				Weighted-Average Exercise Price
Outstanding at December 31, 2025			13,757,773			$	6.47
Granted			3,746,250			$	9.13
Exercised			(55,836	)		$	4.10
Forfeited			(132,917	)		$	2.60
Balance at March 31, 2026			17,315,270			$	7.08

Stock-Based Compensation Expense Reported in Condensed Statements of Operations

Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands):

		Three Months Ended March 31,
		2026				2025
Research and development		$	1,831			$	1,647
General and administrative			2,093				1,892
Total		$	3,924			$	3,539

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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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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.

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