Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Stock-based Compensation

Schedule of weighted average valuation assumptions for stock options

The following table presents the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted. For options granted during the three and six months ended June 30, 2026 and 2025, the Company’s closing stock price on the grant date was used.

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2026				2025		2026			2025
Per share fair value of common stock	$	2.79		$	17.04		$	3.79		$	17.04
Expected volatility		67.6 - 68.0	%		67.87 - 68.86	%		67.6 - 70.5	%		67.87 - 68.86	%
Expected dividends		—	%		—	%		—	%		—	%
Expected term (in years)		5.50			5.50 - 6.25			5.50 - 6.25			5.50 - 6.25
Risk-free rate		3.9 - 4.3	%		4.0	%		3.8 - 4.3	%		4.0	%

Schedule of stock option activity

The following table summarizes option activity during the six months ended June 30, 2026:

		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	325,750		3.79
Outstanding as of June 30, 2026	1,537,996	$	7.64	7.03	$	373
Options exercisable as of June 30, 2026	873,832	$	6.66	5.37	$	373
Vested and expected to vest as of June 30, 2026	1,537,996	$	7.64	7.03	$	373

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) income (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	92	$	147	$	185	$	176
General and administrative		243		480		520		531
Total stock-based compensation	$	335	$	627	$	705	$	707