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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 Option Activity | The following table summarizes information and activity related to the Company’s stock options for the three months ended March 31, 2026:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years) |  | Total Intrinsic Value (in thousands)
Outstanding as of December 31, 2025 | 2,621,203 |  |  | $ | 13.50 |  |  | 6.9 |  | $ | 5,057 |
Options granted | 524,793 |  |  | 8.13 |  |  |  |  |
Options exercised | (20,431) |  |  | 4.93 |  |  |  |  |
Forfeited (unvested) | (2,347) |  |  | 4.51 |  |  |  |  |
Outstanding as of March 31, 2026 | 3,123,218 |  |  | $ | 12.66 |  |  | 7.2 |  | $ | 11,552 |
Options vested and exercisable | 1,574,201 |  |  | $ | 18.04 |  |  | 5.4 |  | $ | 6,140 |
Schedule of Black-Scholes Option-Pricing Model Following Assumptions | The fair value of each employee and non-employee stock option grant was estimated on the date of grant using Black-Scholes based on the following weighted average assumptions.
Options | Three months ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Risk-free interest rate | 3.9 | % |  | 4.4% |  |  |  |
Expected dividend yield | 0.0 | % |  | 0.0 | % |  |  |  |
Expected term in years | 6.1 |  | 6.1 |  |  |  |
Expected volatility | 105.4 | % |  | 106.9% |  |  |  |
Schedule of Components of Stock-Based Compensation Expense | The following table summarizes total stock-based compensation expense, which includes expense related to stock options and RSUs, as recorded in the condensed consolidated statements of operations (in thousands):
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Research and development | $ | 350 |  |  | $ | 288 |  |  |  |  |
General and administrative | 518 |  |  | 229 |  |  |  |  |
Total | $ | 868 |  |  | $ | 517 |  |  |  |  |
Schedule of Restricted Stock Unit, Activity | The following table summarizes information and activity related to the Company’s restricted stock units (“RSUs”) for the three months ended March 31, 2026:
| Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025 | — |  |  | $ | — |
RSUs granted | 235,234 |  |  | 8.10 |
RSUs vested | — |  |  | — |
RSUs forfeited | — |  |  | — |
Unvested as of March 31, 2026 | 235,234 |  |  | $ | 8.10 |

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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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