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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Award Activity | The following is a summary of the Company’s stock option award activity under the 2024 Plan and 2026 Plan during the six months ended June 30, 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 |  |  | 4,211,692 |  |  |  | 16.05 |  |  |  | — |  |  |  | — |
Exercised |  |  | (216,075 | ) |  |  | 3.74 |  |  |  | — |  |  |  | 1,421 |
Forfeited |  |  | (331,437 | ) |  |  | 5.10 |  |  |  | — |  |  |  | — |
Expired |  |  |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at June 30, 2026 |  |  | 12,233,799 |  |  | $ | 8.55 |  |  |  | 8.60 |  |  | $ | 161,146 |
Vested and expected to vest at June 30, 2026 |  |  | 12,233,799 |  |  | $ | 8.55 |  |  |  | 8.60 |  |  | $ | 161,146 |
Exercisable at June 30, 2026 |  |  | 8,576,419 |  |  | $ | 8.44 |  |  |  | 8.47 |  |  | $ | 113,853 |
Schedule of Ranges of Assumptions Used in Black-Scholes Option-Pricing Model | The following table presents the ranges of assumptions used by the Company in the Black-Scholes option-pricing model during the six months ended June 30, 2026 and 2025:
| June 30,
| 2026 |  | 2025
Expected term (in years) | 5.00 - 6.11 years |  | 5.19 - 6.08 years
Risk-free interest rate | 3.59% - 4.08% |  | 3.93% - 4.39%
Volatility | 90.36% - 94.23% |  | 89.40% - 91.63%
Dividend yield | 0.00% |  | 0.00%
Summary of Restricted Stock Award Activity | The following is a summary of the Company’s restricted stock award activity during the six months ended June 30, 2026:
|  | Number of Units |  |  | Weighted- Average Fair Value |
Unvested at December 31, 2025 |  |  | 154,778 |  |  | $ | 3.05 |
Vested |  |  | (154,778 | ) |  |  | 3.05 |
Unvested at June 30, 2026 |  |  | — |  |  | $ | — |
Schedule of 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 June 30, |  |  | Six Months Ended June 30, |
| 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Research and development | $ | 898 |  |  | $ | 589 |  |  | $ | 1,789 |  |  | $ | 1,086 |
General and administrative |  | 35,965 |  |  |  | 1,167 |  |  |  | 37,643 |  |  |  | 2,289 |
Stock-based compensation expense | $ | 36,863 |  |  | $ | 1,756 |  |  | $ | 39,432 |  |  | $ | 3,375 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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