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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of weighted-average assumptions
The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the three months ended March 31, 2026 and March 31, 2025:
Three Months EndedThree Months Ended
March 31, 2026March 31, 2025
Expected term (in years)6.16.1
Expected volatility109.2%97.1%
Risk-free interest rate3.9%4.2%
Dividend yield 0.0%0.0%
Schedule of stock option activity
The following table summarizes the 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
(thousands)
Outstanding balance as of December 31, 20256,186,318$10.00 9.5$— 
Granted 222,93910.83 
Exercised—— 
Forfeited or expired(87,604)13.06 
Outstanding balance as of March 31, 20266,321,653$9.99 9.2$52,999 
Vested and expected to vest as of March 31, 20266,321,653$9.99 9.2$52,999 
Exercisable as of March 31, 2026868,088$7.08 8.9$9,800 
Schedule of RSU and RSA activity
The following table summarizes the RSU activity during the three months ended March 31, 2026:
Number of
RSUs		Weighted Average
Grant Date Fair Value
Unvested balance as of December 31, 2025741,454$9.04 
Granted-— 
Vested(128,154)7.18 
Forfeited(6,179)13.21 
Unvested balance as of March 31, 2026607,121$9.39 
The following table summarizes the RSA activity during the three months ended March 31, 2026:
Number of
RSAs		Weighted Average
Grant Date Fair
Value
Unvested balance as of December 31, 202582,129$2.76 
Granted—— 
Vested(7,428)2.77 
Forfeited—— 
Unvested balance as of March 31, 202674,701$2.76 
Schedule of fair value of warrants
The following table summarizes the assumptions used in calculating the fair value of the warrants:
As of
March 31, 2026March 31, 2025
Expected term (in years)9.910.0
Expected volatility99.7%96.4%
Risk-free interest rate4.4%4.2%
Dividend yield 0.0%0.0%
Schedule of share-based compensation expense
The following table summarizes the classification of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
General and administrative$2,141 $439 
Research and development1,972 790 
Total share-based compensation expense$4,113 $1,229 
The following table summarizes the total unrecognized compensation cost (in thousands) and weighted average recognition period for the Company’s awards as of March 31, 2026:
Total Unrecognized CompensationWeighted Average Recognition Period
Unvested stock options$41,307 3.3 years
Unvested RSAs$205 2.5 years
Unvested RSUs$5,629 3.4 years
The following table summarizes the award types of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Stock options$3,181 $414 
RSAs19 21 
RSUs410 31 
ESPP80 — 
Parascent warrant obligation423 763 
Total share-based compensation expense$4,113 $1,229