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Equity Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Equity Based Compensation | Equity Based Compensation Stock-based compensation expense is included in the accompanying condensed statements of operations and comprehensive loss and is allocated to operating expenses based on the function of the related employee. Total stock-based compensation expense for the three months ended March 31, 2026 and 2025 was $1.7 million and $0.3 million, respectively. Of these amounts, $0.6 million and $0.1 million were recorded to research and development expenses and $1.1 million and $0.2 million were recorded to general and administrative expenses for the three months ended March 31, 2026 and 2025, respectively. The fair value of each option grant during the three months ended March 31, 2026 and 2025 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:
| Three Months Ended March 31,
| 2026 |  | 2025
Expected volatility | 78 | - | 79% |  | 60%
Dividend yield | 0% |  | 0%
Risk free interest rates | 3.87 | - | 3.97% |  | 4.11 | - | 4.16%
Expected term (years) | 6.5 | - | 7 |  | 6 | - | 7
Expected volatility – Since the Company does not have sufficient stock price history, the expected volatility is calculated based on the average volatility for a peer group of companies in the industry and a similar stage of development in which the Company does business. Dividend yield of zero – The Company has not, and does not, intend to pay, dividends. Risk-free interest rates – The Company applies the risk-free interest rate based on the U.S. Treasury yield for the expected term of the option. Expected term - For employee and non-employee stock options, the Company calculated the expected term as the average of the contractual term of the option and the vesting period. The estimated fair value of the Company’s Common Stock was determined by the Company’s management and board of directors and considered valuation estimates from a qualified, independent third-party valuation firm. Stock Option Activity A summary of stock option activity for the three months ended March 31, 2026 is as follows:
(in thousands, except share and per share data) | Number of Shares Underlying Options |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Outstanding at January 1, 2026 | 3,405,906 |  |  | $ | 4.64 |  |  | $ | 19,279 |
Granted | 1,325,644 |  |  | 16.11 |  |  |
Cancelled / Expired | — |  |  | — |  |  |
Exercised | (105,717) |  |  | 0.52 |  |  |
Outstanding at March 31, 2026 | 4,625,833 |  |  | $ | 8.02 |  |  | $ | 82,770 |
Vested and expected to vest at March 31, 2026 | 4,625,833 |  |  | $ | 8.02 |  |  | $ | 82,770 |
The following table summarizes information concerning outstanding and exercisable stock options at March 31, 2026:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years)
Outstanding at March 31, 2026 | 4,625,833 |  |  | $ | 8.02 |  |  | 9.00
Exercisable at March 31, 2026 | 860,703 |  |  | $ | 2.07 |  |  | 7.57
The aggregate intrinsic value of exercisable options at March 31, 2026 was $20.5 million. As of March 31, 2026, unrecognized compensation cost related to non-vested options was $27.4 million, and the weighted average period over which this amount is expected to be recognized is 2.9 years. The weighted average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $11.86 per share and $4.38 per share, respectively.

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