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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. STOCK-BASED COMPENSATION 2024 Equity Incentive Plan The 2024 Equity Incentive Plan, or the 2024 Plan, was approved by the Company’s subsidiary’s Board and Stockholders and became effective for the Company in April 2024 and was subsequently amended in April 2024 and October 2024. Under the 2024 Plan, the Company can issue incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards to employees, directors, and consultants of the Company. The 2024 Plan is administered by the Company’s Board of Directors, or by a committee at the discretion of the Board of Directors. The exercise prices, vesting, and other restrictions are determined at the discretion of the Board of Directors, or its committee if so delegated, except that exercise prices of each stock option shall not be less than 100% of the fair market value of the Company’s common stock and that each stock option term cannot exceed 10 years. The Company’s Board of Directors determines the fair market value of the Company’s common stock, taking into consideration its most recently available valuation of common stock performed by third parties as well as additional factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant. A total of 3,184,003 shares of common stock were initially reserved for issuance under the 2024 Plan, and it was subsequently amended to allow for the issuance of up to 12,292,486 shares of common stock. As of March 31, 2026, there were 866,126 awards available for future grants under the 2024 Plan. Shares of common stock underlying any awards that are forfeited, canceled, or reacquired by the Company prior to vesting will again be available for the grant of awards under the 2024 Plan. Through the completion of its IPO, the Company granted additional equity awards to certain indi viduals to maintain in total a 12.5% ownership on a fully diluted basis as specified by underlying agreements. See Note 18—Subsequent Events, for further disclosure related to the equity grants associated with the IPO. The vesting periods for stock options issued under the 2024 Plan generally vest over four years with a one-year cliff and equal monthly installments thereafter and may be subject to accelerated vesting. Performance-based options vest in three annual installments that are contingent upon the achievement of the Company’s annual goals. For restricted stock awards, the vesting periods can vary and may contain accelerated vesting that would result in unvested shares becoming fully vested upon the occurrence of certain events. 2024 Plan Stock Option Activity The following is a summary of the Company’s stock option award activity under the 2024 Plan during the three months ended March 31, 2026:
|  | Number of Stock Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2025 |  |  | 8,569,619 |  |  | $ | 4.60 |  |  |  | 8.67 |  |  | $ | 28,669 |
Granted |  |  | 1,038,909 |  |  |  | 10.09 |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (289,028 | ) |  |  | 4.64 |  |  |  | — |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at March 31, 2026 |  |  | 9,319,500 |  |  | $ | 5.30 |  |  |  | 8.43 |  |  | $ | 47,390 |
Vested and expected to vest at March 31, 2026 |  |  | 9,319,500 |  |  | $ | 5.30 |  |  |  | 8.43 |  |  | $ | 47,390 |
Exercisable at March 31, 2026 |  |  | 5,688,843 |  |  | $ | 4.22 |  |  |  | 8.01 |  |  | $ | 33,744 |
The table above excludes 152,515 of the 228,771 performance-based options which have an exercise price of $7.39 per share, that were approved to be issued by the Company’s Board of Directors in December 2024, but have not yet been deemed granted from an accounting perspective as of March 31, 2026. During the three months ended March 31, 2026, 76,256 of these performance-based options were determined to be granted from an accounting perspective and the company recorded stock compensation expense of $0.6 million. The Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock options issued under the 2024 Plan on each grant date. The following table presents the ranges of assumptions used by the Company in the Black-Scholes option-pricing model during the three months ended March 31, 2026 and 2025:
| March 31,
| 2026 |  | 2025
Expected term (in years) | 5.50 - 6.11 years |  | 5.85 - 6.08 years
Risk-free interest rate | 3.59% - 3.86% |  | 3.93% - 4.39%
Volatility | 93.71% - 94.23% |  | 90.74% - 91.63%
Dividend yield | 0.00% |  | 0.00%
The weighted-average grant date fair value of options granted during the three months ended March 31, 2026 and 2025 was $9.18 and $5.65 per share, respectively. The aggregate intrinsic value is calculated as the difference between the exercise price and the fair value of the Company’s common stock as of each period end or exercise date. There were no stock options exercised during the three months ended March 31, 2026 and 2025. As of March 31, 2026, there was $22.4 million in unrecognized stock-based compensation expense associated with issued and outstanding service-based stock options, which is expected to be recognized over a weighted-average period of 1.3 years and is partially subject to future accelerated vesting upon the close of an initial public offering. 2024 Plan Restricted Stock Awards The Company has granted restricted stock awards to certain members of the Company’s Board of Directors and Chief Executive Officer. Of the total 1,990,001 restricted stock awards granted: (i) 796,000 have service-based vesting in equal monthly installments over a three-year period, of which 50% of the unvested amount was subject to accelerated vesting upon the close of the Series B Financing and 50% of any unvested amounts is subject to future acceleration upon the close of an initial public offering; and (ii) 1,194,001 have performance based vesting which vested in full upon the close of the Series B Financing. The company completed an IPO in May 2026, s ee Note 18—Subsequent Events, for further disclosure related to the equity awards that vested upon the IPO. The following is a summary of the Company’s restricted stock award activity under the 2024 Plan during the three months ended March 31, 2026:
|  | Number of Units |  |  | Weighted- Average Fair Value |
Unvested at December 31, 2025 |  |  | 154,778 |  |  | $ | 3.05 |
Vested |  |  | (33,166 | ) |  |  | 3.05 |
Unvested at March 31, 2026 |  |  | 121,612 |  |  | $ | 3.05 |
No restricted stock awards were granted during the three months ended March 31, 2026 and 2025. The total fair value of the restricted stock awards that vested during the three months ended March 31, 2026 and 2025 was $0.1 million and $0.1 million, respectively, and the total stock-based compensation associated with the restricted stock awards during the three months ended March 31, 2026 and 2025 was $0.1 million and $0.1 million, respectively. As of March 31, 2026, there was $0.4 million in unrecognized stock-based compensation expense associated with issued and outstanding restricted stock awards, which is expected to be recognized over a weighted-average period of 0.5 years. Stock-Based Compensation Expense The following table represents stock-based compensation expense recorded in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 891 |  |  | $ | 497 |
General and administrative |  | $ | 1,678 |  |  |  | 1,122 |
Stock-based compensation expense |  | $ | 2,569 |  |  | $ | 1,619 |

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