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Stock Option Plan | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Stock Option Plan | 10. Stock Option Plan Stock Option Plans On February 10, 2022, the Company adopted the 2022 Plan, which has been subsequently amended (the “Plan”). The Plan provides for the issuance of incentive and nonqualified common stock options to employees, directors, and certain consultants. The Plan is administered by the Board which determines the awards to be granted, including the number of common shares subject to the awards, the exercise price, and the vesting schedule. In connection with the IPO, the Company adopted its 2026 Equity Incentive Plan, at which time shares ceased to be available for issuance under the 2022 Plan. Subsequent to the effectiveness of the 2026 Plan, the shares of common stock underlying any awards under the 2022 Plan that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of stock or otherwise terminated (other than by exercise) and shares withheld upon exercise of an option or settlement of an award to cover the exercise price or tax withholding will be added to the shares of common stock available for issuance under the 2026 Plan. 2026 Equity Plans In April 2026, the Board and the Company's stockholders adopted and approved the 2026 Stock Option and Incentive Plan, or the 2026 Plan, which became effective on April 28, 2026, the date immediately preceding the date that the registration statement on Form S-1 for the Company's IPO was declared effective by the SEC. The 2026 Plan initially reserved 4,160,000 shares of common stock for future issuances and is subject to automatic increases in the number of shares of common stock reserved for future issuances in accordance with the evergreen provisions in the 2026 Plan. The shares reserved for future issuance under the 2022 Plan ceased to be available for issuance at the time the 2026 Plan became effective. Any shares underlying outstanding stock awards granted under the 2022 Plan that subsequently expire or are repurchased, forfeited, canceled, or withheld will return to the 2026 Plan and be reserved and available for issuance. The Company granted 2,387,705 of common stock options subject to service-based vesting to certain executive officers, directors, and employees at the time of effectiveness of the 2026 Plan with an exercise price equal to $18.00 per share. In April 2026, the Board and the Company's stockholders adopted and approved the 2026 Employee Stock Purchase Plan, or the 2026 ESPP, which became effective on April 28, 2026, the date immediately preceding the date that the registration statement on Form S-1 for the Company's IPO was declared effective by the SEC. The 2026 ESPP initially reserved 370,000 shares of common stock for future issuance and is subject to automatic increases in the number of shares of common stock reserved for future issuances in accordance with the evergreen provisions in the 2026 ESPP. Employee Stock Options Valuation The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option. The assumptions used to determine the fair values of stock options granted to employees, directors, and certain consultants are as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Risk-free interest rate |  | 4.1 - 4.3% |  |  |  | 4.1 | % |  | 4.0 - 4.1% |  |  |  | 4.1 | %
Expected life of options (in years) |  | 5.6 - 6.1 |  |  | 5.9 - 6.1 |  |  | 5.6 - 6.1 |  |  | 5.9 - 6.1 |
Expected volatility of underlying stock |  | 77.0 - 79.4% |  |  | 66.3 - 66.6% |  |  | 69.7 - 79.6% |  |  | 66.3 - 66.6% |
Fair value of underlying common stock |  | $7.93 - $12.97 |  |  | $ | 3.08 |  |  | $5.41-$10.48 |  |  | $ | 3.08 |
Expected dividend yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
The following table summarizes the stock option activity:
|  | Number of Stock Options |  |  | Weighted Average Exercise Price (per share) |  |  | Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding as of December 31, 2025 |  |  | 4,088,900 |  |  | $ | 4.92 |  |  |  | 8.20 |  |  | $ | 444 |
Options granted |  |  | 2,838,091 |  |  |  | 16.74 |  |  |  |  |  |  |
Options exercised |  |  | (6,035 | ) |  |  | 3.12 |  |  |  |  |  |  |
Options forfeited |  |  | (63,011 | ) |  |  | 5.91 |  |  |  |  |  |  |
Options expired |  |  | (4,324 | ) |  |  | 4.62 |  |  |  |  |  |  |
Outstanding as of June 30, 2026 |  |  | 6,853,621 |  |  | $ | 9.80 |  |  |  | 8.54 |  |  |  | 158,424 |
Options exercisable as of June 30, 2026 |  |  | 2,447,891 |  |  | $ | 5.43 |  |  |  | 6.67 |  |  | $ | 67,289 |
The weighted-average grant date fair value of stock options granted in the three and six months ended June 30, 2026 was $12.86 and $12.00, respectively. The weighted-average grant date fair value of stock options granted in the three and six months ended June 30, 2025 was $3.05. The total intrinsic value of stock options exercised during the three and six months ended June 30, 2026 was $6 thousand and $27 thousand, respectively. There were no options exercised during the three and six months ended June 30, 2025. As of June 30, 2026, total stock-based compensation cost not yet recognized related to unvested stock options was $37.00 million, which is expected to be recognized over a weighted-average period of 2.4 years. Stock-based compensation expense recognized in the accompanying consolidated statements of comprehensive loss for the three and six months ended June 30, 2026 and 2025, included the following (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |  |
General and administrative |  | $ | 1,808 |  |  | $ | 954 |  |  | $ | 2,597 |  |  | $ | 1,334 |  |
Research and development |  |  | 982 |  |  |  | 174 |  |  |  | 1,386 |  |  |  | 337 |  |
Total |  | $ | 2,790 |  |  | $ | 1,128 |  |  | $ | 3,983 |  |  | $ | 1,671 |  |

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