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Stock Option Plan (Tables) | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Summary of Fair Values of Stock Options | 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 |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Summary of Stock Option Activity | 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 |
Summary of Stock-based Compensation Expense | 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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