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Share-Based Compensation
 6 Months Ended
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, 20251,017,620 $25.18 
Granted564,719 36.52 
Forfeited or Expired(41,687)30.60 
Awards outstanding at June 30, 20261,540,652 $29.19 $17,857 
Options exercisable at June 30, 2026604,164 $29.28 $9,795 
Weighted average remaining contractual term7.1 Years
Options vested and expected to vest at June 30, 20261,275,464 $28.73 
Weighted average remaining contractual term8.1 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,
2026202520262025
Research and development$533 $307 $977 $534 
General and administrative1,194 623 2,138 1,209 
Total share-based compensation expense$1,727 $930 $3,115 $1,743