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Stock Options, Restricted Stock and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity is summarized as follows:

		NUMBER OF STOCK OPTIONS				WEIGHTED- AVERAGE EXERCISE PRICE				WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)				AGGREGATE INTRINSIC VALUE (IN THOUSANDS)
Outstanding as of December 31, 2025			6,246,920			$	4.21				6.79			$	13,695
Granted			2,230,959				5.68
Exercised			(10,937	)			2.57
Cancelled, forfeited or expired			(23,797	)			6.49
Outstanding as of March 31, 2026			8,443,145			$	4.60				7.45			$	10,552
Exercisable as of March 31, 2026			4,353,779			$	3.18				5.72			$	9,708
Unvested as of March 31, 2026			4,089,366			$	6.11				9.29			$	844

Schedule of Fair Value of Stock Options Granted Was Estimated on Black-Scholes Options

The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model based on the following range of assumptions:

		THREE MONTHS ENDED MARCH 31,
		2026				2025
Expected option life (years)		5.00 - 6.08				5.67 - 6.08
Risk-free interest rate		3.62% - 4.02%				4.03% - 4.52%
Expected volatility		117.24% - 120.71%				118.46% - 119.98%
Expected dividend yield			0	%			0	%

Summary of Restricted Stock Activity

A summary of the Company's performance stock unit (PSU) activity and related information is summarized as follows:

		NUMBER OF SHARES OPTIONS				WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Unvested at December 31, 2025			—			$	—
Granted			300,000				4.95
Vested			—				—
Forfeited			—				—
Unvested at March 31, 2026			300,000			$	4.95

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three months ended March 31, 2026 and 2025 was classified in the condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):

		THREE MONTHS ENDED MARCH 31,
		2026				2025
Research and development		$	604			$	(126	)
General and administrative			848				440
Total stock-based compensation expense		$	1,452			$	314

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
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-SubTopic 10
-Topic 718
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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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