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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The Company has issued non-qualified stock option awards to management, other key employees, consultants, and non-employee directors and these options ratably vest over a four-year service period. In addition, we issued options in connection with the private placement on February 27, 2024, that vest ratably over a three-year period. The option awards expire after a term of ten years from the date of grant. As of June 30, 2026, the Company had total unrecognized stock-based compensation expense for its outstanding stock option awards of approximately $13.5 million, which is expected to be recognized over a weighted average period of 3.0 years. The weighted average grant date fair value of options granted during the six months ended June 30, 2026 and 2025 was $28.05 and $15.01 per option, respectively. The following table summarizes the activity related to the stock option awards for the six months ended June 30, 2026:
| Number of Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (in thousands)
Awards outstanding at December 31, 2025 | 1,017,620 |  |  | $ | 25.18 |  |  |
Granted | 564,719 |  |  | 36.52 |  |  |
Forfeited or Expired | (41,687) |  |  | 30.60 |  |  |
Awards outstanding at June 30, 2026 | 1,540,652 |  |  | $ | 29.19 |  |  | $ | 17,857 |
Options exercisable at June 30, 2026 | 604,164 |  |  | $ | 29.28 |  |  | $ | 9,795 |
Weighted average remaining contractual term | 7.1 Years |  |  |  |
Options vested and expected to vest at June 30, 2026 | 1,275,464 |  |  | $ | 28.73 |  |  |
Weighted average remaining contractual term | 8.1 Years |  |  |  |
Compensation expense related to the grants of stock options is included in research and development and general and administrative expense as follows (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30,
| 2026 |  | 2025 |  |  | 2026 |  | 2025
Research and development | $ | 533 |  |  | $ | 307 |  |  |  | $ | 977 |  |  | $ | 534 |
General and administrative | 1,194 |  |  | 623 |  |  |  | 2,138 |  |  | 1,209 |
Total share-based compensation expense | $ | 1,727 |  |  | $ | 930 |  |  |  | $ | 3,115 |  |  | $ | 1,743 |

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