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Stock-Based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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.

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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.

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