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Stock-Based Plans (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of share-based payment award, stock options, valuation assumptions

Weighted-average grant date fair value assumptions were based on the following:

			Three months ended March 31,
			2026						2025
Exercise price			$	16.72					$	4.08
Fair value of common stock			$	16.72					$	4.08
Expected term (in years)			6.0						6.0
Volatility			92.0%						88.7%
Risk-free rate			3.8%						4.2%
Dividend yield			0.0%						0.0%

Disclosure of share-based compensation arrangements by share-based payment award

The table below summarizes activity related to stock options subject only to service-based vesting conditions (in thousands, except per share amounts):

			Shares						Weighted- average exercise price per share (1)						Weighted – average remaining contractual term (in years)						Aggregate intrinsic value (1)
Outstanding, December 31, 2025			4,950						$	7.28					7.9						$	52,078
Granted			1,727						16.72
Exercised			(4)						1.64												85
Forfeited and cancelled			(30)						9.62
Outstanding, March 31, 2026			6,643						$	9.73					8.2						$	84,702
Exercisable at March 31, 2026			2,733						$	6.91					7.1						$	42,552
(1) Since the reporting period covered by the table above is before the expiration of the aforementioned retention period and any employees who exercised their repriced stock options during the reporting period, with certain exceptions, would have to pay the original exercise price, the weighted average exercise price and intrinsic value in the table above does not reflect the effect of repricing.

Share-based payment arrangement, restricted stock unit, activity

The table below summarizes activity related to RSUs subject only to service-based vesting conditions (in thousands, except per share amounts):

			Shares						Weighted-average grant date fair value per share
Outstanding, December 31, 2025			27						$	14.88
Granted			—						—
Vested			(27)						14.88
Forfeited and cancelled			—						—
Outstanding, March 31, 2026			—						$	—

Share-based payment arrangement, cost by plan

Non-cash stock-based compensation expense recognized in the accompanying condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 was as follows (in thousands):

			Three months ended March 31,
			2026						2025
Research and development			$	1,524					$	982
General and administrative			1,300						986
Total stock-based compensation expense			$	2,824					$	1,968

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Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-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

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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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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