Stock-based Compensation and Other Employee Matters (Tables)

12 Months Ended

Dec. 31, 2025

Stock-based Compensation and Other Employee Matters

Schedule of weighted average valuation assumptions for stock options

	For the Year Ended
	December 31,
	2025			2024
Per share fair value of common stock	$	14.44		$	4.62
Expected volatility		67.72 - 70.82	%		73.79	%
Expected dividends		—	%		—	%
Expected term (in years)		5.50 - 6.25			5.94
Risk-free rate		3.7 - 4.0	%		3.9	%

Schedule of stock option activity

The following table summarizes option activity during the year ended December 31, 2025:

		Weighted-		Weighted-Average
	Number of	Average Exercise		Remaining Contractual	Intrinsic Value (In
	Options	Price		Term (In Years)	Thousands)
Outstanding as of January 1, 2025	729,010	$	3.21	6.06	$	2,914
Granted (1)	505,440		14.44
Exercised (2)	(26,529)		20.07
Forfeited/expired (3)	(109,162)		319.57
Options assumed from Cara upon Merger closing	113,487		319.80
Outstanding as of December 31, 2025	1,212,246	$	8.68	6.83	$	1,086
Options exercisable as of December 31, 2025	701,913	$	4.95	5.04	$	1,075
Vested and expected to vest as of December 31, 2025	1,212,246	$	8.68	6.83	$	1,086

(1) Includes one-time retention options of 105,500 granted in December 2025 for certain of the Company’s employees to support retention and continued execution of key clinical and operational objectives. The retention options were granted pursuant to the Company’s standard exercise and vesting terms.

(2) Includes 21,665 of exercises of assumed Cara options after the Merger closed.

(3) Includes 83,293 of assumed Cara options that expired after the Merger closed.

Schedule of classification of stock-based compensation

The following table illustrates the classification of stock-based compensation in the consolidated statements of operations and comprehensive loss (in thousands):

	For the Year Ended
	December 31,
	2025		2024
Research and development	$	340	$	169
General and administrative		1,059		150
Total stock-based compensation	$	1,399	$	319