Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-based Compensation

Schedule of weighted average valuation assumptions for stock options

	For the Three Months Ended
	March 31,
	2026
Per share fair value of common stock	$	3.90
Expected volatility		70.50	%
Expected dividends		—	%
Expected term (in years)		6.25
Risk-free rate		3.8	%

Schedule of stock option activity

		Weighted-		Weighted-Average
	Number of	Average Exercise		Remaining Contractual	Intrinsic Value (In
	Options	Price		Term (In Years)	Thousands)
Outstanding as of January 1, 2026	1,212,246	$	8.68	6.83	$	1,086
Granted	294,750		3.90
Outstanding as of March 31, 2026	1,506,996	$	7.74	7.22	$	748
Options exercisable as of March 31, 2026	822,040	$	6.38	5.40	$	748
Vested and expected to vest as of March 31, 2026	1,506,996	$	7.74	7.22	$	748

Schedule of classification of stock-based compensation

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

	For the Three Months Ended March 31,
	2026		2025
Research and development	$	93	$	29
General and administrative		277		51
Total stock-based compensation	$	370	$	80