Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-based compensation

Schedule of option activity

A summary of option activity under the Plans during the nine months ended September 30, 2026 is as follows:

	Number of shares			Weighted average exercise price per share		Weighted average remaining contractual term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		15,856,758		$	10.15		8.49	$	180,668
Granted		4,314,782			22.11
Exercised		(514,257	)		7.12
Forfeited		(293,140	)		11.40
Expired		(3,187	)		13.43
Outstanding at September 30, 2026		19,360,956		$	12.88	8.18		$	171,248
Exercisable at September 30, 2026		8,384,450		$	9.29		7.36	$	103,082

Schedule of weighted average assumptions used in the Black-Scholes option-pricing

The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were:

	Nine Months Ended September 30,
	2026			2025
Expected volatility		94.1	%		85.1	%
Risk-free interest rate		4.3	%		4.0	%
Expected term (in years)		6.07			6.06
Expected dividend yield		—	%		—	%

Schedule of RSU activity

A summary of RSU activity under the Plans during the nine months ended September 30, 2026 is as follows:

	Number of RSUs			Weighted average grant date fair value
Outstanding at December 31, 2025		—		$	—
Granted		1,078,450			22.01
Vested		—			—
Canceled and Forfeited		(4,250	)		22.01
Outstanding at September 30, 2026		1,074,200		$	22.01

Schedule of stock-based compensation expense

the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	6,583	$	2,851	$	14,455	$	7,518
General and administrative		6,178		3,896		15,058		10,279
Total share-based compensation expense	$	12,761	$	6,747	$	29,513	$	17,797