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Stock-based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Valuation Assumptions | The assumptions that the Company used to determine the grant-date fair value of stock options granted were as follows, presented on a weighted-average basis:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Expected option life (years) |  | 6.1 |  |  |  | 6.0 |
Risk-free interest rate |  |  | 3.8 | % |  |  | 4.1 | %
Expected volatility |  |  | 81.8 | % |  |  | 78.3 | %
Expected dividend yield |  |  | — | % |  |  | — | %
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity during the three months ended March 31, 2026:
|  | Number of options |  |  | Weighted- average exercise price |  |  | Weighted- average remaining contractual term (years) |  | Aggregate intrinsic value |
Outstanding as of December 31, 2025 |  |  | 13,470,409 |  |  | $ | 6.20 |  |  | 9.17 |  | $ | 52,398 |
Granted |  |  | 1,572,649 |  |  |  | 10.65 |  |  |  |  |  |
Exercised |  |  | (10,905 | ) |  |  | 5.25 |  |  |  |  |  |
Cancelled or forfeited |  |  | (574,437 | ) |  |  | 6.34 |  |  |  |  |  |
Outstanding as of March 31, 2026 |  |  | 14,457,716 |  |  | $ | 6.68 |  |  | 9.03 |  | $ | 70,560 |
Exercisable at March 31, 2026 |  |  | 3,124,983 |  |  | $ | 5.38 |  |  | 8.01 |  | $ | 19,313 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was allocated as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 973 |  |  | $ | 217 |
General and administrative |  |  | 2,966 |  |  |  | 1,306 |
Total stock-based compensation expense |  | $ | 3,939 |  |  | $ | 1,523 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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